The PEOPLE crypto coin is the native cryptocurrency of the ConstitutionDAO project, which was a decentralized autonomous organization (DAO) formed in 2021. The DAO aimed to pool funds to bid for an original copy of the United States Constitution during a Sotheby’s auction.
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Background of PEOPLE Token:
1. ConstitutionDAO Project:
- ConstitutionDAO was a community-driven project launched in November 2021.
- It raised over $47 million in Ethereum (ETH) from thousands of contributors in an effort to purchase a rare copy of the U.S. Constitution.
- Despite raising significant funds, the DAO lost the auction to billionaire Ken Griffin, the CEO of Citadel.
2. PEOPLE Token:
- As part of the fundraising effort, contributors received PEOPLE tokens in exchange for their ETH contributions.
- The token was meant to represent a share of the governance rights over the Constitution if the bid had been successful.
- When the DAO lost the auction, contributors were offered refunds in ETH, but many chose to keep their PEOPLE tokens as a symbol of the community's efforts.
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Features and Characteristics of PEOPLE:
1. No Governance Functionality:
- After the failure to acquire the Constitution, the token no longer served its original purpose of governance over the document.
- PEOPLE became a purely speculative and symbolic cryptocurrency with no direct utility.
2. Community-Driven Value:
- PEOPLE gained popularity due to its historical significance and the strong community behind ConstitutionDAO.
- Its value is largely driven by market speculation and the meme-like status of the project.
3. ERC-20 Token:
- PEOPLE is an ERC-20 token, meaning it operates on the Ethereum blockchain and can be traded on various decentralized and centralized exchanges.
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Use Cases:
- Symbolic Value: Represents participation in a historical event within the crypto and DAO space.
- Speculative Asset: Traded by investors speculating on its future value.
- Community Building: Maintains a community of crypto enthusiasts and DAO supporters.
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Challenges and Risks:
1. Lack of Utility:
- PEOPLE has no inherent utility or governance function, which makes it primarily speculative.
2. Volatility:
- Like many meme or community-driven tokens, PEOPLE experiences high price volatility.
3. Uncertainty:
- With no active project development, the long-term value and relevance of PEOPLE remain unclear.
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Current Status:
- Popularity: PEOPLE continues to be traded on various exchanges and has a devoted community.
- Market Data: For real-time price, market capitalization, and trading volume, you can check platforms like CoinGecko or CoinMarketCap.
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In summary, PEOPLE is a crypto token born out of a unique and historic DAO experiment, valued more for its cultural and community significance than its utility.
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