- The native token of ConstitutionDAO is showing signs of taking the path of popular meme coins like SHIB and DOGE.
- Although the DAO has formally closed shop, PEOPLE climbed by over 4,000% after the failed auction bid.
- Investors are trooping into the asset in the hopes of catching the next big break.
The ghost of ConstitutionDAO is still haunting the walls of crypto land and could become a force to reckon with. The project’s PEOPLE token is walking the fine line to immortality or is it the last gasp of a drowning man?
PEOPLE Soars – What Is Dead May Never Die
After losing out in the auction to buy the rare copy of the US constitution, the PEOPLE token climbed by a staggering 4,000% in a show of defiance. After the auction, PEOPLE was trading at $0.004142 but the asset mooned to reach an all-time high of $0.1638. Activity around PEOPLE saw over $200 million worth of transactions take place despite the announcement of a winding up by the DAO.
Several factors may be responsible for the flurry around PEOPLE during the last week with the first being the listing of the token by cryptocurrency exchange OKEx. The listing is a pretty big deal in the community because the asset is now available to a wider audience outside of the pioneering contributors. Since the listing, the trading volume of OKEx has risen by over 26% and is currently at $8.1 billion.
A splinter project known as PEOPLELAND has been created to allow ConstitutionDAO donors to mint a piece of land for free without paying any fees. PEOPLELAND does not have the authorization of ConstitutionDAO but still, it shows that the markets still ascribe value to a “closed project.”
ConstitutionDAO has stated that it will not “endorse any future plans for the token” but the metric shows that PEOPLE has transcended beyond the DAO. It’s now a rallying cry against the establishment and could be bigger than we ever imagined.
The Next SHIB Or DOGE
One path for PEOPLE to follow is that of meme coins like DOGE and SHIB. While these assets might not have any real-world utility, they still attract hordes of investors who are either genuinely interested in the Shiba Inu breed or are just hoping to catch the next ride to the top.
The PEOPLE token already has a telegram group with over 35,000 members and members are brimming with confidence that it could join the elite league of assets that soared to the moon.
“It speaks volumes that a billionaire won the US constitution as opposed to the 17,437 who rallied together to try and secure this monument to freedom.” said the Museum of Crypto Art on Twitter. “The people’s time is coming.”
Perhaps, the rise of the PEOPLE could be the perfect allusion to the Game of Thrones saying, “What is dead may never die, but rises again harder and stronger.”