The Rollercoaster Ride of PEOPLE Tokens
In a surprising turn of events, the PEOPLE token associated with ConstitutionDAO saw a staggering 200% jump in value in just 24 hours. The price surged from $0.0110 to $0.0321, leaving many scratching their heads in a state of disbelief. Meanwhile, trading volumes took a nosedive, crashing almost 100% down to $181,000. It’s like watching a high-speed car chase where the driver suddenly decides to set the brakes while zooming up a hill!
What Happened with ConstitutionDAO?
ConstitutionDAO managed to crowdsource over $47 million in Ether through PEOPLE token sales to buy a rare U.S. Constitution copy. However, fortunes took a turn at a recent Sotheby’s auction, where they lost to billionaire Ken Griffin. Ouch! After falling short of their mission, the DAO thanked its contributors but also faced the dilemma of what to do with all that Ether.
The Refund Dilemma: To Refund or Not to Refund?
The ConstitutionDAO team decided to offer refunds: send your PEOPLE tokens back for ETH (minus gas fees), or swap them for a new governance token called We The People (WTP). Imagine being at an all-you-can-eat buffet but only finding vegetables left. Do you take them or head for the dessert table? Their options seemed a bit… crunchy.
The Community’s Reaction
In the DAO’s Discord community, opinions on refunds varied. Many were strongly against hefty gas fees, preferring to swap tokens without losing too much in the process. As the system unfolded, a clear trend emerged: traders seemed to be snatching up PEOPLE tokens, possibly to secure WTP down the road.
Juicebox: An Unexpected Winner
Interestingly, Juicebox, the platform processing payments for ConstitutionDAO, might have made a pretty penny during this chaotic saga. Reports suggest it could have pocketed over $2.35 million due to a standard 5% collection fee. Looks like someone’s getting a nice bonus for the holiday season!
The Future of WTP
The outgoing team continues to lead the charge with new leader appointments and a community voting process for Ether-backed WTP reserves. Suggestions range from acquiring a copy of the Bill of Rights to crafting a new digital constitution. Talk about ambitious! It’s like trying to rebuild an entire library after losing a book—only this time, the librarian is likely floating on Ether.
Final Thoughts
With these twists and turns, it’s evident that the cryptocurrency scene is anything but predictable. Through all the ups and downs, one thing remains clear: whether token holders decide to hold, trade, or refund, PEOPLE token’s saga will keep us on our toes!
