#PEOPLE Breaking! PEOPLE coin surges 52% in a single day; Musk's words ignite the market. How long can this enthusiasm last?
Folks, the cryptocurrency circle has exploded again today! The ConstitutionDAO (PEOPLE coin), which once gained fame for failing to bid for the US Constitution, suddenly skyrocketed like a rocket, with a single-day increase of up to 52%! CoinWorld reported the price rose to $0.02625, while OKX skyrocketed to $0.0342, marking a 26.56% intraday increase! Even CoinMarketCap was shocked, marking it with a 52.26% 24-hour increase, and its market cap ranking shot up to 272nd place!
1. A word from Musk ignites the fuse directly.
If we talk about the fuse for this surge, it has to be Musk's legendary tweet: 'Power to the people.' Although Musk didn't directly mention PEOPLE coin, this pun directly ignited the market! It's worth noting that Musk is the 'king of promoting' in the cryptocurrency circle; his statement 'Dogecoin is the people's currency' once launched Dogecoin to the moon. Although he didn't say it outright this time, the market is that crazy; once the news broke, PEOPLE coin surged 13% in the short term, and trading volume exploded like a volcano.
However, here I must remind everyone that Musk's words are 'enlightened'; we still vividly remember when he lifted Bitcoin to the sky and then dropped it back down. Whether he truly believes in it or just said it casually is anyone's guess. But one thing is certain: he has a firm grasp on market sentiment.
2. Project Dynamics: Web3 Game Collaboration Brings New Imagination.
In addition to Musk's support, PEOPLE coin indeed has some concrete good news lately. Lingjing People's Game Lab collaborated with the Web3 game (Bullet) for a major partnership! This (Bullet) is no small deal, developed by a top team that participated in (Star Wars) and (Halo), with investments costing several hundred million. What are they collaborating for? It's to make the digital assets in the game compliant; in the future, players' equipment and props within the game can become real digital assets and tradeable in the market.
Once the news broke, the market instantly saw new uses for PEOPLE coin. After all, previously PEOPLE coin had little practical application beyond community governance; now it's suddenly tied to popular games, opening up a whole new realm of imagination. Some analysts say this could be a crucial step for PEOPLE coin's transformation from 'air coin' to 'utility coin.'
3. Price Roller Coaster: Some get rich, while others are scared to death.
Currently, the price of PEOPLE coin is as thrilling as a roller coaster. Historical data shows it once rose to $0.19 and fell to $0.0007, with volatility more terrifying than a free fall ride. Just recently, on May 13, the price was hovering around $0.0233, and the next day it jumped to $0.0342, effectively turning $1,000 into $1,522 in just one day!
However, this surge hides enormous risks. According to data from CoinWorld, PEOPLE coin has a 24-hour volatility of 77.61%, meaning its price could rise from $0.02 to $0.035 in one day, or drop back to $0.015. Moreover, its circulating market value is only $118 million, which is typical for small-cap coins; a single large holder's sell-off can cause the price to collapse.
4. On-chain Whales: Mysterious funds stirring the pot.
Recent on-chain data shows that whales are secretly doing something. Previously, an address transferred 55.12 million PEOPLE coins to Binance in one go, valued at $1.28 million! Although it's still unclear whether the whale is offloading or consolidating, historical experience tells us that a whale's every move often signals significant market trends. For example, in March 2024, PEOPLE coin suddenly surged 212.8% due to whale activity behind the scenes.
However, the recent movements of the whales are somewhat puzzling. Some are transferring coins to exchanges, while others are withdrawing coins; the market can't decipher their intentions at all. This also makes the future trajectory of PEOPLE coin more mysterious.
5. Risk Warning: This is not a normal investment.
1. Policy Sword Hanging High: The Ministry of National Security has long warned about the risks of virtual currency. Although it hasn't directly named PEOPLE coin, the entire industry is under high regulatory pressure. If one day the policy suddenly tightens, PEOPLE coin may crash instantly.
2. Community Governance is a Mess: The PEOPLE coin community is currently embroiled in heated debates over its transformation. Some want to turn it into a DAO governance token, some want to develop DeFi applications, and others want to create an NFT market. This internal strife could very likely cause the project to miss development opportunities.
3. Liquidity Trap: Many small exchanges have severely insufficient trading depth for PEOPLE coin. For example, the Bitrue platform only has a 24-hour transaction volume of $1.95 million. If you suddenly buy $100,000 worth, the price could be driven up to double, and selling could create a large pit; this slippage risk is no joke.
6. How should ordinary people play?
- Short-term Speculators: You can target the resistance level of $0.035. If the trading volume continues to increase, playing with a small position isn't out of the question, but remember to set your stop-loss below $0.023. If it breaks this level, run away quickly, don't hesitate.
- Long-term Holders: Don't rush to increase your position now; it's better to wait until the community governance has a clear direction. After all, tokens without practical applications carry too much risk in the long run.
- Newbies: Listen to my advice, this kind of highly volatile coin is really not suitable for you. If you really can't resist, play with a bit of pocket money, but never go all in.
Lastly, I remind everyone that the cryptocurrency market is never short of overnight wealth myths, but more often it's tragic losses. How long this wave of enthusiasm for PEOPLE coin can last is uncertain. Before following the trend, ask yourself: Can I bear the risk of going to zero?