The crypto market’s legendary democracy experiment, ConstitutionDAO (PEOPLE), has been on fire in the past few weeks.
But as PEOPLE’s hot streak cools, some investors are eyeing FreeDum Fighters (DUM) as an alternative.
With these two tokens battling it out in the PolitiFi space, the question is: Is this the end of PEOPLE’s run, or is there room for both to rally?
ConstitutionDAO – The Politics Coin That Refused to Die
Despite failing its original mission to buy a copy of the Constitution back in 2021, ConstitutionDAO’s PEOPLE token has found an unexpected second life in today’s market.
The project started as an experiment in collective action.
It eventually saw over 17,000 crypto investors pooling $47 million worth of ETH to purchase one of the 13 surviving copies of the U.S. Constitution.
Something interesting happened when they lost out in the auction – the PEOPLE token refused to go away.
Instead of disappearing like many failed tokens, it has stuck around and is now up by 640% since the start of 2024.
Most of this bullishness can be attributed to investors’ interest in politics-themed cryptocurrencies.
And this interest has heightened even more in recent weeks due to the upcoming election.
So, while ConstitutionDAO may have failed in its overarching goal, it’s still acting as a proxy for political coins.
Is PEOPLE’s Rally Cooling Off or Can It Rebound?
PEOPLE’s price action has been interesting lately.
The token has been on an impressive run since October 3rd, climbing steadily to hit $0.092 earlier this month.
Although PEOPLE has dipped to $0.079, it’s still showing clear higher highs and higher lows on the 4-hour chart.
But the bullishness might be winding down.
On Monday, PEOPLE slipped below its 50-day moving average, a key technical indicator that often signals a change in the trend.
Even more concerning for holders, a bear flag pattern is forming on the 4-hour chart.
That suggests more downside could be ahead.
If PEOPLE breaks below this pattern, the next stop could be around $0.070, where previous support might come into play.
However, there’s an even bigger issue.
While other political-themed tokens at least serve as proxies for specific figures, PEOPLE is running just on speculation.
Without a clear use case to drive buying interest, this rally may have run its course.
FreeDum Fighters Capitalizes on PolitiFi Craze with $250K Presale Raise in Just Six Days
ConstitutionDAO’s rally might be cooling off, but FreeDum Fighters isn’t seeing the same issue.
The project’s presale launched six days ago and has already raised $250,000.
This suggests a massive appetite for its mix of political satire and staking mechanics.
FreeDum Fighters pits two mechanized political figures – MAGATRON and Kamacop 9000 – against each other in a bizarre twist on election season.
DUM token holders can stake to vote on their chosen candidate.
The twist is that each candidate offers a different APY, depending on their current performance.
For example, Kamacop 9000’s staking pool offers 1,782% APY, while MAGATRON’s offers 409% APY.
Alongside this staking setup, there are also weekly social media debates.
Winners don’t just get bragging rights – they’re rewarded with “covert government funding” airdrops.
This hilarious setup has led to huge growth in FreeDum Fighters’ Telegram channel in the past few days.
Crypto expert ClayBro even called DUM the “top political crypto token.”
So, does FreeDum Fighters have better prospects than ConstitutionDAO?
Its mix of utility and passive income opportunities certainly seems to be resonating with investors.
If the developers can keep their promises, we might just see the DUM token beat PEOPLE’s performance once it goes live.