The price of PEOPLE, the token associated with the disbanded ConstitutionDAO, has seen a significant rise of 25% in the last 24 hours.
Currently trading at $0.095, the token boasts a market cap exceeding $480 million. This unexpected surge comes despite the DAO itself dissolving in November 2021 after failing to win a rare copy of the U.S. Constitution at auction.
A Brief History of ConstitutionDAO
Formed in late 2021, ConstitutionDAO was a unique experiment in the world of Decentralized Autonomous Organizations (DAOs).
A group of web3 enthusiasts pooled their resources through the PEOPLE token, aiming to collectively purchase a historic copy of the U.S. Constitution at a Sotheby’s auction.
While the DAO successfully raised over $40 million in Ethereum (ETH), their bid was ultimately outmatched by billionaire hedge fund manager Ken Griffin.
Despite the project’s dissolution, the PEOPLE token remains active, and its recent price surge has sparked curiosity within the crypto community.
Reasons Behind the Price Spike Remain Unclear
The exact cause of the PEOPLE token’s price increase remains a mystery. Some speculate it might be due to renewed interest in the DAO’s story and the historical significance of the U.S. Constitution. Others suggest potential manipulation or a simple market anomaly.
What Does the Future Hold for PEOPLE?
With ConstitutionDAO no longer operational, the future utility and value of the PEOPLE token remain uncertain. The recent price rise might be a temporary fluctuation or a sign of long-term potential. Investors are advised to proceed with caution and conduct thorough research before making any decisions.
This story highlights the dynamic and sometimes unpredictable nature of the cryptocurrency market. It serves as a reminder that the value of a token can be influenced by various factors beyond the project’s core function.