PEOPLE Token Continues Rising, After ConstutionDAO Falls

ConstutionDAO was created when a squad of crypto enthusiasts got together online and decided to raise enough money to buy the U.S Constitution being auctioned on Sotheby’s.

The idea sprang up on November 11th, just a week later the 2,300 individuals helped raise a total of $5 million, through the sale of PEOPLE tokens.

Not 8 days later the DAO gained an additional $40, bringing the total amount raised to a whopping $45 million.

Sadly the DAO’s attempts were thwarted when Citadel CEO Ken Griffin, came in last second and put a bid up of $41 million for the document. Even though the group had an extra $4 million to spare, they could not bid any higher due to the auctions fees.

This failure led to chaos within the community, due to discussions surrounding how all the DAO’s investors would be refunded, making this act more gigantic was the fact that 199 Ethereum were burned in gas fees, during the initiative’s inception.

The three solutions most backed were, a return of their PEOPLE’s tokens for a refund in Ethereum (minus the gas fees), they could hold their tokens and receive a new governance token called “We The People” for each of their tokens, or they could just wait.

But on Tuesday ConstutionDAO switched their Discord to read-only announcing they were shutting down. Weird considering PEOPLE’s tokens just surged by almost 200% in 24hrs.

The token hit a new all-time high of $.033, even weirder is this comes days after the coin hitting a new all-time low of $.0007. There is no reason behind the surge, only speculation, but something is afoot with this DAO

I know that this all sounds like the plot of a Netflix series aimed at teens, but this is the wonderful world of crypto, you can go online meet people with very similar interests, and somehow gain enough funds to buy U.S Constitution. I love the industry I work in, and I hope you do too.