The decentralized autonomous organization (DAO) token PEOPLE, formerly known as ConstitutionDAO, has pumped over 300% today in a shocking price movement. PEOPLE is currently trading around $0.045 after cooling off from a surge earlier to $0.053. Its market cap now stands at $232 million, which is still way below its all-time high back in 2021 of around $0.16.
The reason for this sudden and steep price pump is not clear. ConstitutionDAO was formed in November 2021 with the goal of crowdfunding to bid on a rare copy of the U.S. Constitution at auction. However, the DAO was outbid by billionaire Ken Griffin and announced it would shut down, refunding all donations back to contributors.
There have been no announcements from ConstitutionDAO to suggest the project is being revived. Its social media accounts have been inactive this year. A few traders on Twitter have noticed the pump, but there is no clear catalyst driving this speculatory frenzy.
Some possibilities are that rumors have started about ConstitutionDAO being relaunched in some form, attracting fresh hype and investment. Or it could be a coordinated pump and dump scheme from a group of traders. But without any statements from the ConstitutionDAO team, the over 300% explosion seems irrational and risky.
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Show more +Investors should be wary of chasing sudden pumps without real fundamentals backing the move. With ConstitutionDAO having previously declared it has dissolved and refunded donors, it seems unclear why PEOPLE is seeing such monumental buying pressure today. Traders should exercise caution trading this likely speculative bubble.
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