ConstitutionDAO (PEOPLE) was a unique crypto project that leveraged the decentralized autonomous organization (DAO) concept to crowdfund community contributions to bid for an original copy of the US Constitution. The single-purpose DAO was formed in November 2021 and went on to raise $47 million from its community to bid for the United States Constitution at a Sotheby’s auction.
However, the DAO went defunct after it lost its bid and was unable to secure the artifact. PEOPLE is the native token of the ConstitutionDAO and serves as the governance token of the decentralized community.
PEOPLE token holders were given voting rights within the ConstitutionDAO. It was devised to allow the DAO community members to vote on where the constitution would be placed had the DAO won the auction.
Even though the DAO turned defunct after losing the auction and wound down its operations, the PEOPLE token went on to become a trending meme coin in the market. The token is still among the actively traded assets in the crypto market, experiencing considerable price action even in the absence of fundamentals.
ConstitutionDAO was started as a crowdfunding campaign on the Ethereum blockchain. The purpose of the decentralized autonomous organization was to collect funds from its community to bid for one of 13 original copies of the United States Constitution at a Sotheby’s auction.
PEOPLE, the governance token of the ConstitutionDAO crowdfunding project, would have empowered its holders to participate in the DAO community. While holding the token would not give them ownership rights.
The DAO successfully raised $47 million but lost in the auction to hedge fund CEO and billionaire Ken Griffin. Although Griffin’s successful bid was only $43.2 million, the ConstitutionDAO felt it had insufficient funds to buy and manage the constitution with its collected funds.
After losing the bid, the ConstitutionDAO decided to wind down its operations and announced that PEOPLE token holders could redeem or claim their tokens. Redeeming the token would allow PEOPLE holders to exchange their crypto for Ethereum at a ratio of 1 ETH : 1,000,000 $PEOPLE.
The origins of ConstitutionDAO can be traced back to a meme on social media. The idea started to evolve in response to a Sotheby’s announcement, with the DAO’s founding members trying out an experiment. They wanted to explore if the crypto community could rally together to crowdfund the project to democratize ownership of an iconic piece of history.
ConstitutionDAO was founded by a core group of 30 people, including Jonah Erlich, to crowdfund a bid for an original copy of the US constitution. The DAO posted its first tweet on its Twitter account on November 12, six days before Sotheby’s was scheduled to conduct the auction.
In less than one week, the DAO’s mission went viral via memes over social media. ConstitutionDAO raised around $47 million in ETH from more than 17,000 contributors. The DAO’s Discord server managed membership of over 20,000 users in just over a week.
The DAO used Juicebox, a popular crowdfunding platform, to raise funds from its community. When it announced its dissolution, Constitution DAO allowed $PEOPLE holders to claim their refunds via Juicebox.
The ConstitutionDAO token remains active in the market even though its founders have dissolved the DAO. Despite the community being given an option to claim their unclaimed $PEOPLE tokens or redeem them for ETH, several traders continue to hold and trade PEOPLE in the market.
The PEOPLE price has seen considerable volatility and movement despite the cryptocurrency no longer having any utility. Looking ahead, the ConstitutionDAO price could experience an uptrend towards its highest price and beyond as more traders buy and hold the crypto instead of redeeming them for Ethereum.
There is some expectation from supporters that the ConstitutionDAO founders could revive the DAO in the future with a new purpose or mission. If this happens, the PEOPLE price could pick up again, making it an attractive investment to include in your portfolio.
Although it is impossible to offer an accurate PEOPLE price prediction over any duration, the value of ConstitutionDAO asset could pick up if interest in owning and holding the cryptocurrency rises among investors. In such an event, the PEOPLE value could make gains.
The price of ConstitutionDAO token and its market cap could also improve as the overall market sentiment toward cryptocurrencies is boosted. When leading cryptos like Bitcoin and Ethereum pick up, the increased investor confidence encourages higher buying activity, driving up the price of PEOPLE and other crypto assets in the market.
If the ConstitutionDAO announces some new feature or utility for its DAO and native token, we could see the price of PEOPLE crypto pick up significantly. Any token with real-world utility becomes a more attractive asset to invest in and encourages more investors to buy and HODL it, which could positively boost the PEOPLE price statistics and take the token towards its all-time high and beyond.
The following have been some use cases for the $PEOPLE crypto:
The PEOPLE token was the governance token of the ConstitutionDAO when it was operational. Token holders enjoyed voting rights and could decide where the US constitution bid for and won would be displayed or located if the project had succeeded.
While the DAO has become defunct after losing out to another bidder in the auction, the PEOPLE token remains a popular crypto asset to trade and hold. You can buy or sell ConstitutionDAO against other cryptocurrencies or hold it long-term if you believe the DAO would revive or the crypto would find some other utility in the future. Check the current price of ConstitutionDAO, PEOPLE market cap, 24-hour trading volume, and circulating supply, and perform technical, sentiment, and fundamental analysis on the PEOPLE price chart before you trade ConstitutionDAO in the market.
After closing down the DAO, its founders announced a scheme for PEOPLE holders to redeem their tokens for ETH via Juicebox. You can exchange your PEOPLE tokens on the platform for Ether at a ratio of 1 ETH : 1,000,000 $PEOPLE.
You could also invest in PEOPLE as a way to earn passive income. Head to KuCoin’s Crypto Lending page to lend liquidity for PEOPLE on our platform. You can earn attractive daily interest over seven days, 14 days, or 28 days by putting your PEOPLE crypto to work.
When the ConstitutionDAO closed shop, the team of founders burned their multi-sig to prevent any more fundraising efforts or minting PEOPLE tokens. If you contributed ETH funds to the ConstitutionDAO when the project was still operational on Juicebox, you could claim PEOPLE tokens via the platform.
Here are the steps to follow:
1. Connect your wallet to the Juicebox app.
2. View the Your Balance section to know how many unclaimed PEOPLE tokens you are eligible for.
3. Enter the number of PEOPLE tokens in ERC-20 format you wish to claim in the text box.
4. Click on Claim to process the transaction.
5. Review the gas fees and other details before confirming through your wallet.
6. A few minutes after the transaction processes successfully, your wallet will receive the newly claimed $PEOPLE tokens.
After announcing the dissolution of the ConstitutionDAO, its team of developers gave the option for PEOPlE holders to redeem their tokens for Ether. Here’s how you can redeem PEOPLE for ETH:
1. Open the ConstitutionDAO profile on the Juicebox app.
2. Connect your wallet to the app by clicking on the Connect button on the top right section of the page.
3. Review the information under the Your Balance section to determine how many $PEOPLE tokens you can redeem. Note that you have two options: either claim or redeem them.
4. Click on the Redeem button and enter the number of PEOPLE tokens you wish to redeem.
5. Review the gas fees and other transaction details on your wallet’s interface before clicking on Confirm to process the transaction.
6. Once the transaction processes, you will receive ETH in your wallet at a ratio of 1 ETH : 1,000,0000 PEOPLE.