Home
News
Highlights
- Constitution DAO raised $40 million through 17000 participants to purchase a copy of us constitution
- The token, PEOPLE recorded over $9 million in liquidations
- The Ethereum based token was originally created as a refund mechanism to the contributors of DAO.
The constitution DAO was created to purchase a copy of the united states constitution where at least 17000 participants raised $40 Million in november. The effort was considered to be the largest in the history of crypto spectrum, however the DAO lost to Ken Griffin the founder of Citadel when he raised the bid to $43 million. The token PEOPLE came into existence as a refund mechanism to redistribute the fund to all investors.
The same token recorded over $9 million in liquidation on Dec10, the liquidations came in as the broader market crashed where tokens like Solana, terra & uniswap fell by at least 9% on the morning of Dec10.
The PEOPLE token opened at $0.1137 while hitting the 24H low at $0.1021 as the token marched itself into liquidity on Dec 10. However, at the time of writing, the token has not only redeemed itself but is also witnessing a rally at $0.1504 by skyrocketing by more than 24% the next day.
PEOPLE token has absolutely no utility in context to DAOs, it offers no governance rights to holders or provides the privilege to make changes but yet this hasn’t stopped trading the token to a fully diluted market cap of $1.02 Billion.
What’s interesting about the event was both longs & shorts took the damage at various price levels. Approximately out of $9 million worth of transactions $4.99 million occurred on long positions who expected the price of the token to go up and $4.01 million occurred on short positions who predicted the price to go down.
Most liquidations occur predominantly on major tokens like Bitcoin (BTC) or Ether (ETH) when an exchange automatically closes out on positions set by the user making the initial capital getting forfeited.
The synopsis of the token was merely to refund the investors where they could claim 1 Ether at about $4,200 worth of people and as referred the token was built on ethereum protocol. The token has gone up by 12000% since it’s all time lows at $0.0009 recorded on Nov 21. Meanwhile, as per the project’s website the token has reached a dead end & has run its course.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
