People's Coin's Meteoric Minute: 15% Increase and Short Liquidation Crazy by Whale Trap ($83.57M Liquidation)!

In a dazzling display of market dynamics, cryptocurrency People Coin (PEOPLE/USDT) rose 10% in just one minute, captivating the cryptocurrency community.

This sudden and significant rise in prices has led to widespread speculation about the forces behind this rapid rise.

According to CoinMarketCap data, the current price of PEOPLE coin is $0.13115, showing an impressive increase of 56.82% over the recent period.

This rapid rise has taken its market capitalization to $569.45 million (INR 47.53 billion), placing it 133rd in terms of market dominance, with a 0.0224% share.

PEOPLE has a maximum and total circulating supply of 5.06 billion.

There are several factors that may explain this astonishing rise.

The basic theory is to liquidate short positions.

Traders anticipating a decline in the price of the PEOPLE coin could have faced a short squeeze, as the sudden upward movement forces them to buy back their coins, creating intense buying pressure and pushing the price higher.

Furthermore, news about CovenantDAO, the decentralized autonomous organization linked to PEOPLE, could have spurred investor enthusiasm.