ConstitutionDAO update: PEOPLE Live price, price chart, news and markets

The PEOPLE price update as of now is $0.01003. In the previous 24 hours, its trading volume was $13,614,050, and its value has decreased by -2.01%. As of now, PEOPLE's live market cap is $50,793,645, and it is ranked as the #439 on the Coincu. PEOPLE has a circulating supply of 5,066,435,112 and a maximum supply of 5,066,435,112.

Introduction to ConstitutionDAO (PEOPLE)

ConstitutionDAO (PEOPLE) is a project by a decentralized autonomous organization (DAO) that aims to acquire one of the 13 copies of the United States Constitution.

The auction for ConstitutionDAO (PEOPLE) is set to take place on November 18, 2021, at Sotheby's. The name of the project reflects its focus and vision:

• Constitution: Referring to the Vietnamese translation of Constitution.
• DAO (Decentralized Autonomous Organization): A collaborative community that operates independently without any specific individual, unit, or organization's involvement, working together towards a common goal.

The creators of ConstitutionDAO (PEOPLE) are cryptocurrency enthusiasts who firmly believe that the Constitution belongs to the people. They advocate for displaying the Constitution copies in an accessible and secure location for everyone, and thus, ConstitutionDAO (PEOPLE) came into being.

Exploring Different DAOs

DAOs are gaining popularity in the cryptocurrency market, empowering communities. However, most governance recommendations primarily focus on project development.

ConstitutionDAO (PEOPLE) stands out as an exceptional example of a DAO project that truly embraces community collaboration. It was built by strangers united by a common goal, exemplifying the ideal form of a DAO.

Prior to ConstitutionDAO (PEOPLE), there were other significant DAO projects like Ventures DAO and Yield Guidegame. However, ConstitutionDAO (PEOPLE) sets itself apart by being completely decentralized, free from any external intervention.

Challenged by a Formidable Opponent

In a remarkably short span of four days, ConstitutionDAO (PEOPLE) managed to raise $47 million, marking it as the largest crowdfunding event in the history of crypto. However, despite its impressive growth, ConstitutionDAO ultimately faced defeat.

On November 19, ConstitutionDAO officially lost the auction at Sotheby's, with Citadel CEO Ken Griffin emerging as the winning bidder. While ConstitutionDAO had sufficient funding to win the bid, it lacked the necessary funds for preserving the rare document.

Following the unsuccessful auction, the project is currently in the process of refunding contributors. Investors have the option to exchange their PEOPLE tokens for ETH, although receiving ETH may result in losses due to high Ethereum Gas fees. As a result, many investors choose to hold onto their PEOPLE tokens.

The Potential of PEOPLE Token

Despite the setback faced by ConstitutionDAO, the PEOPLE token continues to gain appreciation in the market. Some investors even speculate that it could become the successor to Shiba Inu.

Currently, the PEOPLE token has a maximum supply of over 5 billion tokens, making it a speculative digital asset. The exact number of redeemable tokens remains uncertain, leading to a gradual decrease in supply. In essence, PEOPLE tokens are becoming increasingly scarce, much like the copies of the US Constitution.