The images are from the same company.
The images are from the same company.
The ConstitutionDAO's token is turning into a meme coin.
The people token, the coin given to those who donated to the collective, has rallied more than 900% in the past month. The move was reported by the first person.
In November, 17,000 people donated a combined $46 million to buy an original copy of the US Constitution. The people token gave donors a stake in the organization.
The group gave members two options after it lost its bid to Citadel CEO Ken Griffin, one of which was to redeem the People token and lose money with gas transaction fees.
The price went up because many chose the latter.
The coin is still worth pennies despite its rally. It's now worth $0.04, a big jump from less than a penny in November. The token hit a high over the Thanksgiving weekend.
The people coin holders have destroyed more than half of the digital token.
Rex St. John thought the token would have an epic rally like other meme coins, and his $200 worth of token was briefly worth $7,200.
Since ConstitutionDAO came into the spotlight last month, the concept of DAOs has become more mainstream. Another DAO is trying to buy a basketball team and another is trying to create an animated series based on the movie Dune.
Business Insider has an original article.
