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<p>The nearly abandoned governance token of ConstitutionDAO, $PEOPLE, mysteriously rallied over 70% recently, reaching $0.03 after months of minimal trading activity. However, multiple warning signs suggest the pump is unsustainable and the price could crash again soon.</p> 
<p><strong>Brief History of ConstitutionDAO</strong><br>ConstitutionDAO formed in 2021 as a decentralized autonomous organization with the goal of crowdfunding to purchase a rare copy of the U.S. Constitution at auction. Despite raising over $40 million worth of Ethereum, ConstitutionDAO lost in the final bidding to billionaire Ken Griffin.</p> 
<p>After the failed auction, ConstitutionDAO dissolved and refunded donations. The $PEOPLE token price crashed from highs of close to $0.20 down to below $0.008, SInce then it began to trade sideways. </p> 
<p><strong>Descending Channel Breakout</strong><br>Some optimistic observers have noted the breakout from the long-term descending price channel as a potential bullish signal. For example, <a href="https://twitter.com/TheCryptoExpres/status/1742844893238895004?t=hB289469YWC406Ts9KoJPw&amp;s=19" target="_blank" rel="nofollow">The Crypto Express</a> tweeted that a retest of $0.015 could provide bullish confirmation.</p> 
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<p>However, the history of manipulation and lack of development activity around ConstitutionDAO suggests this breakout will ultimately fail.</p>  
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<h2 class="wp-block-heading" id="warning-signs-point-to-further-crashes">Warning Signs Point to Further Crashes </h2> 
<p>There are several warning signs indicating the 70% pump is likely just another bubble driven by short-term speculation and manipulation:</p> 
<p><strong>The Experiment Has Concluded</strong><br>ConstitutionDAO already refunded donations from its failed auction attempt in late 2021, so there is no clear fundamental reason for investors to re-enter the $PEOPLE token.</p> 
<p><strong>Evidence of Manipulation</strong><br>A 700% intraday spike yesterday that completely retraced suggests coordinated pumping. <a href="https://twitter.com/DAOscope/status/1742848347671609832?t=PMMETfN4f-L-T9AdgzdUNg&amp;s=19" target="_blank" rel="nofollow">And DAOscope </a>noted 5 whales owning 50% of supply.</p> 
<p><strong>Lack of Development <br></strong>With the project finished, no further development justifies substantial investment demand for $PEOPLE, making the breakout unsustainable longer-term.</p> 
<p>Given these major red flags, traders should exercise extreme caution when evaluating if ConstitutionDAO and $PEOPLE can truly restart its failed mission. The safest assumption is the token lacks fundamentals and backers to prevent another collapse.</p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-constitutiondaos-people-price-up-price-expected-to-crash-again-for-these-reasons/">Why Is ConstitutionDAO’s PEOPLE Price Up? Price Expected to Crash Again for These Reasons</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is ConstitutionDAO’s PEOPLE Price Up? Price Expected to Crash Again for These Reasons

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