Current PEOPLE Coin Price Overview
- Current Price: ¥0.142264 CNY
- 24-Hour Trading Volume: ¥64,651,980 CNY
- Circulating Supply: 5,060,137,335 PEOPLE
- Max Supply: 5,060,137,334 PEOPLE
Our platform provides real-time updates on the exchange rate between PEOPLE and CNY, ensuring you stay informed with accurate market data.
What Is ConstitutionDAO (PEOPLE)?
ConstitutionDAO was a decentralized experiment that has since disbanded. In November 2021, a group of web3 enthusiasts formed a grassroots autonomous organization with the collective goal of purchasing a rare copy of the U.S. Constitution at a Sotheby's auction.
Despite raising over $40 million in ETH, the group was outbid by billionaire hedge fund manager Ken Griffin, CEO of Citadel. Following the failed bid, ConstitutionDAO announced its dissolution, with all donations refunded to contributors.
Founders of ConstitutionDAO
ConstitutionDAO had no single founder but emerged as a viral crowdfunding movement inspired by meme coins like Dogecoin and Shiba Inu. Within days, the DAO raised $47 million from 17,000+ donors, with a median contribution of $206. Key contributors included Brian Wagner and Liminal Warmth.
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What Made ConstitutionDAO Unique?
ConstitutionDAO exemplified the power of internet-driven grassroots movements leveraging cryptocurrency. Similar to the GameStop phenomenon, it showcased the potential of decentralized communities to challenge traditional institutions.
- Rapid Growth: The DAO launched its campaign just six days before the November 18 auction, amassing 20,000 Discord members in a week.
- Cultural Impact: Fueled by memes (including Nicolas Cage references) and crypto-native humor, the movement gained traction on Crypto Twitter.
- Transparent Refunds: After the auction loss, the DAO dissolved as planned, returning all funds to donors.
Token Utility
PEOPLE served as a governance token, granting holders voting rights on hypothetical decisions (e.g., where to display the Constitution). Since the DAO never acquired the document, the token's utility remains symbolic.
Frequently Asked Questions (FAQs)
1. Is PEOPLE Coin still active?
No, ConstitutionDAO disbanded after failing to win the auction. The PEOPLE token exists but has no ongoing governance function.
2. How can I buy PEOPLE tokens?
PEOPLE is traded on select exchanges. Always verify liquidity and project legitimacy before investing.
3. What was ConstitutionDAO’s fundraising mechanism?
The DAO used Juicebox to collect ETH donations, raising $47M+ with full refundability.
4. Why did ConstitutionDAO fail?
Despite its funding, operational costs (e.g., storage, auction fees) and Ken Griffin’s higher bid led to its loss.
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