PEOPLE, the governance token of ConstitutionDAO, soared in value by nearly 200% in just 24 hours despite its trading volumes falling off the cliff in the same period, data on CoinMarketCap shows.

The price to purchase ane PEOPLE token surged to $0.0321 compared to $0.0110 24 hours agone. In contrast, its trading volumes across the crypto exchanges dropped by almost 100% to over $181,000, reflecting that the ongoing bullish motion had very lilliputian support backside information technology.

PEOPLE price performance on a 24-hr adapted timeframe. Source: CoinMarketCap

The story and so far

The massive upside momentum in PEOPLE'southward market came at a time when users must have been dumping it for the Ethereum blockchain'due south native token, Ether (ETH).

That is primarily considering ConstitutionDAO, a decentralized autonomous system (DAO), crowdsourced over $47 million in Ether via the sale of PEOPLE. It wanted to utilize the proceeds to purchase a rare copy of the The states constitution but lost its bids to billionaire Citadel CEO Ken Griffin at a contempo Sotheby'southward auction.

Screenshot from ConstitutionDAO's customs grouping. Source: Discord

Left with no Constitution and $47 million worth of ETH funds in its multi-signature wallets, ConstitutionDAO decided to refund the unabridged corporeality to its donors. Just many in the DAO'due south Discord customs stressed that they did not want to pay the high refund gas fees.

In response, the ConstitutionDAO team provided two choices to its donors: either they could return their PEOPLE tokens for ETH (minus gas fees), or they can choose to receive a new governance token, dubbed We The People (WTP), without having to pay a gas fee, at the rate of 1 PEOPLE per WTP.

Meanwhile, in the upshot of donors not choosing to demand refunds, ConstitutionDAO volition retain the upper-case letter.

As a result, the DAO will be able to continue a portion of the ETH in its vaults as long as donors catechumen their PEOPLE to WTP or ignore any reimbursements. So, if the value of Ether rises, the toll of WTP will likely increase in tandem.

Therefore, the ongoing PEOPLE price rally is hinting that traders have been either choosing to agree information technology or buy it from the secondary markets to get a hold of the WTP token at a later stage.

Juicebox a clear winner

ConstitutionDAO has non released any specific reason why it wants donors to reimburse their PEOPLE tokens via a new governance asset, given it has already announced that it would close down after failing to win the U.Due south. Constitution's rare copy.

David Gerard, writer of the book Attack of the l Foot Blockchain and a news blog of the aforementioned name, noted that Juicebox.money, some other DAO that processes payments for ConstitutionDAO, typically collects 5% of all the money made by the project.

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Therefore, Juicebox might have already made at to the lowest degree $2.35 million through the ConstitutionDAO crowdfund and may make more from the upcoming WTP-funded ventures, if there are any.

"Non too bad a payday," wrote Gerard.

For now, the outgoing ConstitutionDAO team has announced core contributor Brian Wagner and Web iii.0 practiced Liminal Warmth equally the project'southward new leaders.

Meanwhile, the community has been voting on how it could deploy its Ether-backed WTP reserves on other projects, with its ideas ranging from pursuing a re-create of the Neb of Rights to making a new Web 3.0 constitution from scratch.

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