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PEOPLE Token from ConstitutionDAO Hits ATH despite Project Announcing Shutdown

UTC by Bhushan Akolkar · 2 min read
PEOPLE Token from ConstitutionDAO Hits ATH despite Project Announcing Shutdown
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The PEOPLE token of ConstitutionDAO has surged 10x in just a matter of two days.

PEOPLE, the governance token of ConstitutionDAO, has surged a staggering 900% in the last two days. As per data on CoinGecko, PEOPLE is currently trading 42% up at an all-time high of $0.046.

Earlier on Wednesday, the token was trading at one-tenth of the current price. As of press time, the trading volumes have also soared to a staggering $48.4 million.

Interestingly, this explosive price move for the PEOPLE token comes days after ConstitutionDAO officially announced shutting down the project. There’s no clear reason why the PEOPLE token is surging despite the project shutting down.

The ConstitutionDAO was formed earlier this year in a decentralized crowdfunding effort to buy a rare copy of the US constitution auctioned through Sotheby’s. By November 19, the project managed to sell PEOPLE tokens to nearly 17,000 donors raising a staggering $45 million. However, it failed to win the bid at the last minute.

Later, ConstitutionDAO faced one of the biggest challenges of refunding the PEOPLE tokens to the donors. Apart from the refund, the project makers had also put an option for donors to hold the PEOPLE token and receive another governance token “We The People”.

Users Charged Heavy Gas Fee for Refunds in ETH

After ConstitutionDAO announced the project shut down, it started refunding its 17,000 donors a staggering amount of $40 million, all in ETH. However, users started facing major charges in terms of gas fees.

Several users started reporting that this matter to the project delegates. The delegates, however, noted that there was no direct solution to this. “We looked at and did everything in our power to come up with a gas-free refund option. However there was nothing that could be set up in a timely manner,” wrote one. “Providing a safe refund process as soon as possible was the primary goal”.

The admin of the Discord server further added:

“This was a very, very hard call and we’ve all been at our computers for the last several days for every waking hour trying to find the least bad option. There was no solution that was going to please everyone.”

It remains to be seen what will the delegates of ConstitutionDAO do further on this matter.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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