There are several possible factors that can explain the surge in the price of "People" coins:
1. Market hype and narrative: The cryptocurrency market is often affected by narratives and hype. When a currency is associated with a hot topic, event or political background, it may attract a lot of attention and investment. For example, meme narratives or the approaching US political elections may bring unexpected gains to "People" coins.
2. Manipulation by dealers or market makers: dealers or market makers play an important role in the market. They have the ability to influence prices by buying or selling large amounts of currencies. If dealers believe that a currency has potential, they may invest costs to hype it in order to obtain greater returns in the future.
3. Participation of retail investors: Retail investors are often market followers. When they see a currency price rise, they may join the buying ranks and further push up the price. This "herd effect" is particularly evident in the cryptocurrency market.
4. Market supply and demand: Price fluctuations in the cryptocurrency market are also affected by supply and demand. If the supply of a currency is limited and demand increases, the price is likely to rise. Similarly, if a large number of investors sell a currency, the price may also fall.
5. Technology development and application: If there is a strong technical team and practical application scenarios behind the "People" coin, then as the technology continues to develop and the application is promoted, the currency may be favored by more investors, thereby driving up prices.
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