Could ConstitutionDAO’s PEOPLE token be the next meme coin?

The PEOPLE token rose around 4,000% after the ConstitutionDAO failed to purchase a copy of the U.S. Constitution. However, this development not only boosts prices.

PEOPLE price table | Source: CoinMarketCap

A new derived project, PEOPLELAND, enables sponsors to stamp a virtual property free of charge. Only those who “write history” can mint tokens free of charge. OKEx Exchange has now listed PEOPLE. It has a trading volume of $ 371 million in the past 24 hours, according to Coinmarketcap. At such a rate of growth, the market is likely to react to PEOPLE like other “storm” projects like Loot, Shiba Inu, and Dogecoin.

Despite its great growth, ConstitutionDAO was officially discontinued. The DAO founders raised more than $ 45 million to buy a rare copy of the U.S. Constitution, but were defeated at the last minute by Citadel CEO Ken Griffin. Technically, the DAO had enough money to win the tender but was turned down because it couldn’t afford to get the rare document.

After the offer failed, the project returned the money. Since then, the token value has skyrocketed. This is partly because the cashback reduces the number of PEOPLE tokens in circulation and drives the price up sharply. But the market still values ​​what PEOPLE can do. ConstitutionDAO “cannot and will not support any future plans for the token” including derivatives projects and secondary trading.

Chinese investors are particularly enthusiastic about this token. As emerged from an informal conversation about the project, which attracted 37,000 members. A lot of people think it’s the next Shiba Inu – the follow-up project to Dogecoin.

Obviously, PEOPLE could quickly become the next meme coin that has no use but is valuable because of the living spirit of the community. Barry Silbert, Founder and CEO of the Venture Capital Digital Currency Group, also has tweet for today:

“Metaverse-Token> Meme-Token”.

One Telegram member commented:

“The defeat of the DAO constitution by a rich old man in a bidding war does not end everything, it is the beginning.”

The next few trading days could tell whether this is true or not.

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Minh Anh

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