Two days after the news that ConstitutionDAO’s PEOPLE token reached an all-time high of $0.02, the altcoin price broke a record by hitting the $0.16 level.
Booming altcoin – What is ConstitutionDAO?
The DAO was formed on November 11, when a group of crypto enthusiasts got together on Zoom with the common goal of raising funds to secure the purchase of a rare copy of the US constitution, which will be sold at Sotheby’s auction on November 19. cryptocoin.com As we reported, in anticipation of the auction, the DAO raised more than $45 million in ETH from more than 17,000 donors, but in the long run, it lost to Citadel CEO Ken Griffin during the auction.
According to the calculated estimates of several analysts, despite having sufficient funds to acquire the constitution, the DAO could not do so because they would have to pay almost a million dollars in contributions, gas fees, and even more to move the constitution. A few days after losing in the auction, the DAO announced that it was closing the shop and said that all donors will be able to claim Ethereum refunds in exchange for the PEOPLE tokens they receive when they contribute.
Data from Dune Analytics shows that about 55.28 percent of the total 4,565,078,206 PEOPLE token supply has been returned. But there is this amount of regression. Refunds don’t go exactly as smoothly as planned. 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’s 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.
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