A unique crypto asset has been soaring like an eagle even as the broader crypto markets struggle to hold the line.
The altcoin PEOPLE represents the ConstitutionDAO (decentralized autonomous organization) project, which crowdfunded roughly $47 million dollars worth of Ethereum (ETH) in an attempt to purchase one of the few remaining first-edition copies of the U.S. Constitution at auction.
Ultimately, the group’s representatives pulled out of the Sotheby’s auction when the bidding exceeded $43 million due to concerns that they would not have sufficient funds left over to properly maintain the document. Billionaire Ken Griffin, CEO of hedge fund and financial services firm Citadel, ended up winning the November 18th auction.
In the weeks since ConstitutionDAO’s governance token has been on a wild ride.
PEOPLE shot out of a cannon from a fraction of a penny on November 24th to over $0.15 by November 27th, before slowly correcting back down to under $0.04 on December 6th.
However, the patriotic altcoin found new wings and worked its way to a fresh all-time high above $0.17 this past Sunday.
The group says that holders of PEOPLE can either exchange the altcoin for a refund minus applicable gas fees or keep their tokens for potential future projects.
According to the ConstitutionDAO website,
“[This] was a beautiful experiment in a single-purpose DAO. We now believe this project has run its course.
Having lost the auction and following the core team’s choice to wind down, we would like to remind you that the tokens possess no rights, governance, or utility other than redeeming them for Ethereum from the smart contract held in Juicebox…
It is also an option to keep your PEOPLE tokens and do with them as you please – it is clear that there are parts of the community who wish to incorporate them into future projects.”
PEOPLE has witnessed a sharp selloff since yesterday’s peak, and is currently down nearly 33% and priced at $0.11.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/iurii/Andy Chipus/Vladimir Sazonov