PEOPLE Price Rises 200% As New “We The People” Token Is Unveiled


PEOPLE, ConstitutionDAO’s governance token, has climbed in value by nearly 200% in just 24 hours despite falling transaction volumes during the same period, according to data from CoinMarketCap.

The cost of purchasing 1 PEOPLE token has climbed to $ 0.0321, from $ 0.0110 24 hours ago. In contrast, its trading volumes on crypto exchanges fell nearly 100% to over $ 181,000, reflecting that the ongoing bullish move had very little support behind it.

PEOPLE’s price performance over an adjusted 24 hour period. Source: CoinMarketCap

The story so far

The massive bullish momentum in the PEOPLE market came at a time when users must have ditched it for the native Ethereum blockchain token, Ether (ETH).

This is mainly because ConstitutionDAO, a Decentralized Autonomous Organization (DAO), has outsourced over $ 47 million in Ether through the sale of PEOPLE. He wanted to use the proceeds to purchase a rare copy of the United States Constitution, but lost his bids to billionaire Citadel CEO Ken Griffin at a recent Sotheby’s auction.

Screenshot of ConstitutionDAO community group. Source: Discord

Left without a Constitution and $ 47 million in ETH funds in its multi-signature wallets, ConstitutionDAO decided to refund the full amount to its donors. But many members of DAO’s Discord community have pointed out that they don’t want to pay the high refund gasoline fees.

In response, the ConstitutionDAO team offered two choices to their donors: either they could return their PEOPLE tokens for ETH (minus gas fees), or they could choose to receive a new governance token, dubbed We The People (WTP ), without having to pay a gas royalty, at the rate of 1 PERSON per CAP.

During this time, in the event that donors do not choose to request refunds, ConstitutionDAO will retain the capital.

As a result, DAO will be able to keep part of ETH in its coffers as long as donors convert their PEOPLE to CAP or ignore any reimbursement. So, if the value of ether increases, the price of CAP will likely increase in tandem.

Therefore, the ongoing PEOPLE price rally suggests that traders have chosen to hold it or buy it in secondary markets to get their hands on the WTP token at a later stage.

Juicebox a clear winner

ConstitutionDAO has not disclosed any specific reason why it wants donors to refund their PEOPLE tokens through a new governance asset, given that it has previously announced that it will close after failing to win the rare copy of the US Constitution.

David Gérard, author of the book 50ft blockchain attack and a news blog of the same name, noted that, another DAO that processes payments for ConstitutionDAO, typically collects 5% of all money earned by the project.

Related: Layer Two, Multichannel DeFi Platforms Record Record Entries As Ethereum Fees Soar

As a result, Juicebox may have already made at least $ 2.35 million from the ConstitutionDAO crowdfunding and could earn more from upcoming WTP-funded companies, if any.

“Not too bad for a salary,” Gérard wrote.

For now, the outgoing ConstitutionDAO team has announced that lead contributor Brian Wagner and web 3.0 expert Liminal Warmth will be the new project leaders.

Meanwhile, the community voted on how they could deploy their Ether-backed WTP reserves on other projects, with ideas ranging from pursuing a copy of the Bill of Rights to creating a new one. Web 3.0 constitution from scratch.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move comes with risk, you should do your own research before making a decision.


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