Those who snuck into the Constitution DAO’s PEOPLE tokens increased by over 4,000 percent after the decentralized autonomous organization failed to purchase the United States Constitution. However, it is not just the price that is rising.
PEOPLELAND, a new derivative project, allows donors to mint a virtual plot of land for free. Tokens can only be minted for free by those “who made history.” OKEx has listed it, and the coin has traded $369,731,773 in the last day, according to CoinMarketCap data. In any case, the market has accommodated the coin in the same way that it has accommodated other major buzzy projects such as Loot, Shiba Inu, and Dogecoin.
Despite its expansion, ConstitutionDAO has formally closed its doors. The DAO’s creators had raised slightly more than $45 million to purchase a rare copy of the United States Constitution, but were defeated at the last minute by no-coiner and Citadel CEO Ken Griffin. The DAO had enough money to win the bid but chose not to because they didn’t have enough money to care for the rare document.
After the bid failed, the project made itself available for refunds. Since then, the token’s value has skyrocketed. This is due, in part, to the refunds reducing the number of PEOPLE tokens in circulation, which raises the price of individual PEOPLE tokens. However, the entire market is still valuable because people are very excited about what PEOPLE could become. ConstitutionDAO has stated that it “cannot and will not endorse any future plans for the token,” including derivative projects and secondary trading.
The token has piqued the interest of Chinese investors, who have already joined an unofficial chat for the project, which has 37,000 members. Many people believe it is the next Shiba Inu token, which was the successor to Dogecoin. It’s clear that PEOPLE could quickly become the next meme coin, valuable not for its utility but for the spirit of its thriving community.
“The fact that ConstitutionDAO lost a bidding war to some old money rich asshole is not the end of the story. It’s only the beginning, “ferociously clunked one member of a Telegram price chat. The next few days of trading may provide some insight into whether or not that is correct.