PEOPLE price increase by 200% with the introduction of the new token “We The People”

PEOPLE, ConstitutionDAO’s governance token, rose nearly 200% in just 24 hours, despite trading volume falling off the cliff over the same period, data from CoinMarketCap shows.

The cost of buying 1 PERSONAL token increased to $ 0.0321 compared to $ 0.0110 24 hours ago. Vice versa, Their trading volume on crypto exchanges fell nearly 100% to over $ 181,000, reflecting that the ongoing bull move had very little support.

PEOPLE price performance within a tight 24-hour time frame. Source: CoinMarketCap

The story so far

The tremendous upward momentum in the PEOPLE market came at a time when users must have given up on Ethereum’s native blockchain token, Ether (ETH).

PEOPLE price increase by 200% with the introduction of the new token “We The People”
PEOPLE price increase by 200% with the introduction of the new token “We The People”

This is largely because ConstitutionDAO, a Decentralized Autonomous Organization (DAO), raised more than $ 47 million worth of Ether through the sale of PEOPLE. He wanted to use the proceeds to buy a rare copy of the United States Constitution, but lost his bids in a recent Sotheby’s auction to billionaire Citadel CEO Ken Griffin.

Screenshot of the community group ConstitutionDAO. Source: Discord

With no constitution and with $ 47 million in ETH funds in their multi-signature wallets, ConstitutionDAO decided to reimburse donors for the full amount. But many in the DAO Discord community stressed that they didn’t want to pay the high gas refund fees.

In response, The ConstitutionDAO team gave its donors two options: Either they could return their PEOPLE tokens for ETH (minus gas fees) or they could opt for a new governance token called We The People (WTP) without paying for it must have gas tariff of 1 PERSON per WTP.

For everyone who would like to travel on with us, they can also sign a message (without paying gasoline) in which they transfer their money to the DAO treasury and receive our government token $ WTP (We The People) back.

Of course, you can’t just do everything and see how things go.

In the meantime, ConstitutionDAO will keep the client in the event that donors do not request a refund.

As a result, DAO can keep part of ETH in their vaults as long as donors convert their PEOPLE to WTP or ignore refunds. So if the value of Ether goes up, the price of WTP will likely go up overall.

Hence, the current PEOPLE price rally suggests that traders have chosen to hold or buy it in secondary markets in order to receive the WTP token at a later date.

Juicebox a clear winner

The ConstitutionDAO has not revealed a specific reason why donors should return their PEOPLE tokens through a new governance asset, as it has already announced that it will close after failing to get the rare copy of the U.S. Constitution to win

David Gerard, author of the book Attack on the 50-foot blockchain and a news blog of the same name found that Juicebox.money, another DAO that processes payments for the ConstitutionDAO, generally takes 5% of all funds generated by the project.

So Juicebox may have already made at least $ 2.35 million through the ConstitutionDAO crowdfund and could make more, if anything, from upcoming WTP-funded companies.

“Not a bad payday,” wrote Gerard.

The auction is lost. $ 40 million in $ PEOPLE is essentially useless now, after the people who coined it said it was no longer serving any purpose. You’re talking about starting a new token, $ WTP, with a nebulous new purpose.

For now, The outgoing ConstitutionDAO team has announced senior staff member Brian Wagner and Web 3.0 expert Liminal Warmth as new project managers.

Meanwhile, the community has voted on how to translate their Ether-powered WTP reservations into other projects, with ideas ranging from finding a copy of the Bill of Rights to creating a new Web 3.0 constitution from scratch on rich.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade carries a risk, you must do your own research when making a decision.

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