In the world of cryptocurrencies, the rise of the PEOPLE token has attracted a lot of attention. With the establishment of ConstitutionDAO and the strong community support behind it, PEOPLE token is gradually showing its potential to become the leading Meme token.
The background and goals of ConstitutionDAO
ConstitutionDAO was founded with a unique and challenging goal: bidding for a copy of the original draft of the U.S. Constitution. The founding team promoted this crazy idea in the crypto community through Zoom conference calls, and unexpectedly received a lot of support. Many friends in the currency circle are dissatisfied with the discrimination against the cryptocurrency market by mainstream American society, so they hope to use this event to show the strength of the currency circle and vent their dissatisfaction. Ultimately, ConstitutionDAO raised $47 million worth of Ethereum (ETH) in just 72 hours, an achievement that is a testament to the power of community.
Community consensus of PEOPLE token: The success of PEOPLE token not only relies on its unique background, but also on the strong community consensus behind it. ConstitutionDAO’s Twitter account has accumulated more than 60,000 followers in just one month since it was launched. This phenomenon shows that there is a huge mass base behind the PEOPLE token, and the active participation and support of community members has enabled this token to gain higher attention in the market.
Refunds and market reaction
Despite the stellar fundraising efforts, the refund process was not smooth. After the DAO announced the closure of the store, all donors could apply for a refund in Ethereum in exchange for the PEOPLE tokens they received when donating. PEOPLE was worth around $0.004 at the time of closing, according to Coinmarketcap. However, users face high gas fees when applying for refunds, which makes the refund process complex and cumbersome.
Data from Dune Analytics shows that as of now, the total supply of PEOPLE tokens is 4,565,078,206, of which nearly 55.28% has been returned. This data reflects the community’s active engagement despite the hurdles in the refund process.
KOL support and market popularity
After the failure of the ConstitutionDAO bid, the PEOPLE token did not disappear from the stage of history. On the contrary, due to the support of Coinbase and the help of Musk, PEOPLE achieved "resurrection" in a short period of time and quickly gained high popularity. This phenomenon has attracted many newly launched projects to try to capitalize on PEOPLE's popularity, further promoting its development in the market.
The future and development of DAO: With the rapid development of encryption technology, decentralized autonomous organizations (DAO) are becoming more and more important. The rise of PEOPLE token is not only the success of a token, but also part of the development of DAO. In the future, as more people come into contact with, understand and identify with the concept of DAO, PEOPLE tokens are expected to play a role in a wider range of fields.
Summarize
The rise of the PEOPLE token is an important milestone in the cryptocurrency market. It not only demonstrates the strength and consensus of the community, but also reflects the potential of DAO for future development. Despite challenges such as chargebacks, the PEOPLE token remains viable in the crypto market. As encryption technology continues to evolve, the PEOPLE token and the ConstitutionDAO behind it will continue to promote the development of decentralized applications and concepts, opening up new possibilities for the future of cryptocurrency.
Whether from a historical perspective or from a market perspective, the PEOPLE token will become an integral part of the cryptocurrency world. We look forward to the further development of the DAO and how the PEOPLE token will perform in the future.