ContitutionDAO’s PEOPLE token has recently reached a new all-time high of $0.16, less than two days after hitting an all-time high of $0.02.

ConstitutionDAO’s brief history

ConstitutionDAO was founded on November 11, when a group of crypto enthusiasts got together on Zoom to raise cash to secure the purchase of a rare copy of the US constitution that was set to be auctioned off at Sotheby’s on November 19.

The DAO gathered more than $45 million in ETH from over 17,000 donors in advance of the auction, but in the end, it was unable to obtain the constitution copy after losing out to anti-crypto Citadel CEO Ken Griffin during the sale.

Despite having sufficient finances to protect the constitution, the DAO was unable to do so, according to the estimated predictions of multiple analysts, since they would have had to pay nearly a million dollars in contributor money in gas fees and even more for carrying the constitution.

The PEOPLE Token is gaining popularity

Meanwhile, the DAO declared its closure a few days after losing the auction, saying that all donors could claim their Ethereum refunds in exchange for the PEOPLE tokens they received when they contributed. PEOPLE was worth roughly $0.004 at the time of closure, according to Coinmarketcap data.

According to Dune Analytics, nearly 55.28 percent of the total supply of 4,565,078,206 PEOPLE tokens has already been returned as of the time of writing this post. But there’s a stumbling block.

Refunds aren’t going as smoothly as expected. Just as users had to pay high gas fees to donate their Ethereum to the pool, they are now in a similar situation regarding receiving the refund.

Although ConstitutionDAO may have fallen short of expectations following the fundraising, it is clear that the value of PEOPLE continues to rise. Even OKEx, the crypto exchange, announced yesterday that it will now list the token, becoming a community-owned token.


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