It’s time we have a serious talk about memecoins. Yes, those silly, often hilarious digital tokens that flood the crypto space with promises of astronomical gains. While they might seem like a fun gamble, let’s take a closer look at what’s happening with $PEOPLE and why you should think twice before jumping on the memecoin bandwagon.

$PEOPLE emerged from a fascinating yet absurd venture by ConstitutionDAO, a decentralized autonomous organization formed to buy a rare copy of the U.S. Constitution at a Sotheby’s auction. ConstitutionDAO raised over $40 million in Ethereum, symbolizing the collective power of decentralized crowdfunding. However, despite the impressive fundraising effort, they lost the bid to billionaire Ken Griffin. Yes, the same Ken Griffin from Citadel. You might remember him from his role on the rise and fall of GameStop as he controlled Robinhood in the shadow and tried to manipulate the market by forcing a trading halt on the investment outlet.

Left with a massive pool of funds and no Constitution, ConstitutionDAO decided to refund contributors. Yet, they had already minted the token as a symbol of participation. What followed was a speculative frenzy.

Despite the DAO’s failure to secure the Constitution, $PEOPLE has become a hot commodity. People began trading it as if it were the next big cryptocurrency, even though it has no inherent value or utility beyond its initial fundraising purpose. This kind of irrational hype is all too common in the memecoin world.

The main takeaway is: before investing in any cryptocurrency, especially memecoins, do your research. Look for projects with solid fundamentals, real-world applications, and transparent teams. Understand the risks and be prepared for the volatility inherent in the crypto market.