Two days after ConstitutionDAO reported that the PEOPLE token had reached an all-time high of $0.02, the altcoin price broke a record by hitting the $0.16 level.
What is ConstitutionDAO?
The DAO was created by a group of cryptocurrency enthusiasts to purchase a copy of the US constitution, which will be put up for sale on November 19 at Sotheby’s auction on November 11. This group met on the Zoom app to collect a common amount. The DAO has raised a total of around $45 million in Ethereum from more than 17,000 people in anticipation of the auction. But it lost at auction to Citadel CEO Ken Griffin.
But according to some analysts’ calculations, the DAO had the know-how to get the constitution. The reason the DAO didn’t make the purchase was that it would pay more than a million dollars in gas fees, contributions, and more to carry the constitution. Announcing that it closed the shop after its defeat in the auction, the DAO said that donors will be able to receive ETH returns in exchange for the PEOPLE tokens they received to contribute.
In total, approximately 55.28% of the 4,565,078,206 PEOPLE token supply is listed in reports from Dune Analytics, where it was given back. However, it is a big problem that refund plans do not progress as expected and refunds cannot be made to users. Users now face a similar situation of getting refunds, as they had to pay high gas fees to donate their Ethereum to the pool. Although ConstitutionDAO fell short of expectations, it is clear that PEOPLE’s value continues to rise. Yesterday, even crypto exchange OKEx announced that it will list the token, which has become a community-owned token.