Post-shut down of ConstitutionDAO, their governance token, $PEOPLE has reached an all-time high of $0.053, yesterday. This comes after a 983% increase in the token’s price over the past week. It hit a high of $0.033 yesterday. Then a dip followed before it shot back up to the current price ($0.046), which is near the ATH of earlier today.
ConstitutionDAO was set up, starting on November 11th. It was discussed over a Zoom call by crypto enthusiasts that they would raise funds in order to purchase a first-edition copy of the US Constitution. If the plan went ahead fully, supporters of the project would be able to work together, all by putting in money to purchase the historic piece.
They asked investors to put in the money, prior to the auction, in order to bid for the constitution, with the promise of refunding those who invested if they never won the auction, which is what happened. In total, they refunded around $27 million and had to pay a hefty $1.5 million in Ethereum gas fees.
About the ConstitutionDAO Token
There is something that makes the movements in the market even more shocking. It is the fact that less than a week ago, Consitution DAO’s token hit an all-time low of $0.0007. This came just before the announcement on Twitter that the project was concluding due to not meeting its goal.
Right now, there are no true answers to why the ConstitutionDAO token is increasing drastically. It doesn’t fully make sense, why would a dead project’s token be ‘mooning’ as it currently is? Maybe, as we noted from their Twitter, it could be the excitement and historical significance around ConstitutionDAO being the first decentralized autonomous organization to work with auction giants, Sotheby’s. Or maybe, it was just another random crypto project to rise in value for no particular reason. We’ll never know.
All we do know now, however, is that what ConstitutionDAO did in terms of being the first DAO to work with Sotheby’s is something of historical significance, something we may look back on in years to come as being the first of many to work with them.