This article will analyze the PEOPLE coin according to www.coinmarketcap.com data. First, we will discuss the PEOPLE coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is PEOPLE Coin?
ConstitutionDAO is a decentralized autonomous organization (DAO) created to purchase one of the original copies of the US Constitution at an auction. The PEOPLE token, the Constitution DAO coin, is the native cryptocurrency this organization uses to crowdfund and pool resources.
The idea behind ConstitutionDAO is to allow anyone in the world to participate in owning a piece of history – specifically, ownership rights over one of only thirteen surviving copies of the United States’ founding document. By pooling funds from people worldwide using blockchain technology and smart contracts, they aimed to purchase this historic document.
What are the projects of PEOPLE?
ConstitutionDAO is primarily focused on acquiring and preserving an original copy of the United States Constitution. However, several projects have emerged as part of ConstitutionDAO’s broader mission to promote civic engagement and education, including:
Educational Initiatives: The organization aims to use its platform to educate people about the importance of constitutional rights and principles through online resources, events, and other educational initiatives.
Promoting Civic Engagement: Through its decentralized governance system powered by PEOPLE tokens, holders can decide how funds should be allocated towards various causes or charity work.
Advocacy for Constitutional Rights: ConstitutionDAO intends to leverage its network effect by advocating for individual rights under the constitution
Supporting Other Causes: While purchasing a copy of one of America’s founding documents may be their primary objective; it also provides an opportunity for raising awareness around social justice issues like voting rights or inequality in access to education, which they could support with their extensive network
Overall, these projects aim to promote public awareness regarding constitutional values while providing opportunities for individuals from all walks of life, regardless of whether they hold cryptocurrency holdings.
Factors Influencing PEOPLE Price
The price of PEOPLE coin is influenced by several factors, including:
Success in Acquiring the Constitution: The primary driver of the PEOPLE token’s value will be whether or not ConstitutionDAO successfully acquires one of the original copies of the United States Constitution at auction. If they are successful, it could lead to increased demand for PEOPLE tokens.
Market Demand and Supply: As with any cryptocurrency, market demand, and supply dynamics play a significant role in determining its price movement over time. Higher demand relative to supply generally leads to higher prices, while lower demand may cause prices to drop.
Overall Cryptocurrency Market Sentiment: The overall sentiment towards cryptocurrencies as an asset class can impact the value of individual coins like PEOPLES
Community Participation: Since PEOPLE token holders have voting power within ConstitutionDAO’s governance system, their level of participation and engagement can also influence how funds are allocated towards various causes or charity work, which ultimately impacts their perceived utility driving up demand and leading to higher prices.
Regulatory Developments: Any regulatory developments that affect digital assets markets, such as securities laws surrounding DAOs, could impact people’s confidence in investing in this project
Many factors can influence PEOPLE coin’s price movements over time.
PEOPLE COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 0.2000 in December 2021, PEOPLE dropped 92% by November 2022, down to $ 0.0161. PEOPLE is currently trading at $ 0.0178. According to www.coinmarketcap.com data, PEOPLE, which has a size of $90,189,535, has had a volume of $9,020,335 in the last twenty-four hours.
PEOPLE Chart Analysis
PEOPLE fell 92% from December 2021 to November 2022, from $0.2000 to $0.0161. When we examine the weekly-based PEOPLE chart, we see that it has consolidated between $0.0161 and $0.0343 for one year. PEOPLE token needs weekly closes above $0.0343 to enter an uptrend. Currently trading at $0.0178, PEOPLE is trading just above the weekly support zone of $0.0161. If this support zone is broken to the downside with possible selling pressure, we could see a pullback to $0.0103.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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