Less than two days after the earlier reports of ContitutionDAO’s PEOPLE token hitting an all-time high of $0.02, it has now reached a new ATH of $0.16.
Brief History of ConstitutionDAO
ConstitutionDAO was formed on November 11, when a group of crypto enthusiasts met on Zoom with a common goal of raising funds in order to secure the purchase of a rare copy of the US constitution that was to be sold at Sotheby’s auction on November 19.
In anticipation of the auction, the DAO raised more than $45 million in ETH from over 17,000 donors, but in the long run, could not secure the constitution copy after losing out to anti-crypto Citadel CEO Ken Griffin during the auction.
Despite having enough funds to secure the constitution, according to the calculated guesses of several analysts, the DAO was unable to do so for the fact that they’d have paid nearly a million dollars of contributor money, in gas fees, and even some more for transporting the constitution.
PEOPLE Token On The Rise
Meanwhile few days after losing out at the auction, the DAO announced it was closing up shop and said that all donors could claim their Ethereum refunds in exchange for the PEOPLE tokens they got when they contributed. And according to Coinmarketcap data, PEOPLE was worth about $0.004, at the time of closure.
Data from Dune Analytics also indicates that nearly 55.28% of the total supply of 4,565,078,206 PEOPLE tokens has already been returned as of the time of putting to get her this post. But there’s a setback.
Refunds aren’t exactly going as smoothly as planned. Just in the same way users had to suffer high gas fees to donate their Ethereum to the pool, they’re now facing a similar situation in receiving the refund.
Now, despite the fact that ConstitutionDAO may have truly come short of expectations after the fundraising, but it’s obvious that the value of PEOPLE continues rising. Just yesterday alone, even OKEx — the crypto exchange, announced that it is will now be listing the token, having become a community-owned token.
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