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ConstitutionDAO’s PEOPLE token rallied by nearly 200% in the last 24 hours before hitting a new all-time high of $0.033. The price has already dipped significantly over the last couple of hours.
PEOPLE is currently trading for around $0.020, according to data from CoinGecko.
What’s even more extraordinary though is that just four days ago, ConstitutionDAO hit an all-time low of $0.0007.
PEOPLE’s explosive price movement comes days after the ConstitutionDAO officially packed up shop, declaring the project has “run its course.”
So why is a token for a dead project suddenly mooning? There are no definitive answers right now, but investors are clearly excited about something.
ConstitutionDAO: a brief history
ConstitutionDAO formed on November 11 when several crypto enthusiasts decided over a Zoom call that they would raise funds to buy a first-edition copy of the U.S. Constitution that was being auctioned through Sotheby’s.
Barely half a week later and the DAO had raised over $5 million through the sale of PEOPLE tokens to around 2,300 contributors.
Fast-forward to auction day, November 19, and the DAO had raised an eye-watering $45 million.
During the auction, Citadel CEO Ken Griffin put in a bid for $41 million. Although the DAO had an extra $4 million, it couldn’t bid any higher because it couldn’t afford the auction house fees and document storage costs.
ConstitutionDAO’s failure to secure the U.S. constitution led to heated discussions about the mammoth task of refunding the DAO’s contributors – no easy feat when you consider that they collectively burned 199.38 Ethereum ($890k) in gas fees.
Internal debates over the future of the DAO led to contributors being offered three choices: they can either return their PEOPLE tokens to claim a refund in Ethereum (minus the gas fees), they can hold out and receive one new governance token, dubbed “We The People” (WTP) for each of their PEOPLE tokens, or they can do neither and simply wait.
On Tuesday, ConstitutionDAO changed its Discord to read-only and announced that it was closing operations.
Today’s explosive price movement could indicate surging demand as traders source PEOPLE tokens to swap them for WTP, but at this point in time, details about what WTP will be used for are nebulous at best.
Perhaps it’s better to let sleeping dogs lie.