PEOPLE Coin: From Constitution Auction to Crypto Legend — The Fantastical Journey of People DAO

In November 2021, a piece of news stirred up the crypto community: a group of geeks calling themselves ConstitutionDAO attempted to crowdfund the purchase of a copy of the U.S. Constitution—not a photocopy, but the original printed version from the 1787 Constitutional Convention, one of only 11 remaining private collections. In just a few days, 47 million dollars were gathered from thousands of ordinary people, exchanged for 1 ETH = 1 million PEOPLE tokens. When they narrowly lost at a Sotheby’s auction to hedge fund giants, the story didn’t end there; instead, it marked the beginning of the fantastical journey of the PEOPLE token.

Origin: A Crypto Totem Born from a Failed Auction

The birth of ConstitutionDAO is filled with idealism. It attempts to prove that “the people” can own precious history belonging to the people (“We the People” is the opening phrase of the Constitution). Although the auction failed, the PEOPLE Token it issued unexpectedly survived:

• Dual redemption mechanism: Donors can redeem ETH at the original ratio (1 million PEOPLE = 1 ETH), or convert it into the governance Token WTP
• Deflationary model established: Redeemed PEOPLE are permanently destroyed, and the total supply continues to decrease from the initial 5.06 billion
• Value pegged to ETH: Price drops trigger redemption and destruction, driving up the scarcity of the Token.

This design allows PEOPLE to transcend ordinary MEME coins, becoming the first community asset backed by ETH reserves.

Technical Core: Deflationary Model and Decentralized Autonomous Organization

The core value logic of PEOPLE is built on a threefold mechanism:

• Hard bottom line: The exchange rate of 1 ETH = 1 million PEOPLE forms price support, theoretically never going to zero.
• Passive deflation: When the market fluctuates, arbitrageurs exchanging ETH lead to the destruction of Tokens, cyclically enhancing the value of the remaining Tokens.
• Completely community-driven: No project party manipulation, Token distribution is automatically executed through the Juicebox DAO protocol.

This mechanism has attracted a group of holders who firmly believe that “PEOPLE is the spirit symbol of DAO.”

Market trajectory: From silence to the roller coaster ignited by Musk

The price history of PEOPLE is a reflection of the sentiment in the encryption market:

• November 2021: Soared from $0.0038 to $0.169 after a failed auction, achieving a hundredfold miracle
• 2022 - 2023: Long-term consolidation at $0.03 - $0.06, dubbed a “zombie Token”
• 2024 turning point: Musk mentioned PEOPLE twice, triggering a 400% surge in 3 days, with a market cap exceeding $530 million
• Resilience validation: Rebounded after multiple deep dips, proving that community consensus is stronger than most MEME coins.

Analysts have significant differences regarding its prospects: conservative predictions suggest it will reach $0.13 by 2025 (DigitalCoinPrice), while optimistic predictions anticipate it will hit $2.6 by 2030 (PricePrediction.net).

Community Belief: The Integration of Web3 Spirit and MEME Culture

The enduring vitality of PEOPLE is rooted in a dual cultural consensus:

• DAO spirit totem: symbolizes the power of ordinary people resisting capital (“People don’t cut people” has become the community slogan)
• New school MEME carrier: Musk positions it as the “successor to DOGE,” spreading through meme images (the human moon landing image is a satire of DOGE)
• Practical exploration: Some scenarios attempt to be used for DAO governance voting and charitable donations.

This culture makes it stand out among MEME coins like SHIB and PEPE.

Future Challenges: Transitioning from Symbols to Sustainable Ecosystems

Despite innovative models, PEOPLE still faces evolutionary bottlenecks:

• Utility limitations: Lack of application scenarios such as DeFi and NFTs, reliant on sentiment-driven.
• Deflationary Double-Edged Sword: If large-scale redemptions lead to excessively low circulation, it may weaken trading liquidity.
• Regulatory sensitivity: As a DAO legacy without physical support, the policy risk is higher than that of functional tokens.

Whether it can break through the positioning of “Constitutional Auction Souvenirs” depends on Web3 The depth of infrastructure acceptance for DAO tools.

Today, the market capitalization of PEOPLE still hovers between 100 million and 200 million dollars, less than 3% of the peak DOGE. But its existence is a password in itself: while the copy of the Constitution lies quietly in a billionaire’s vault in New York, PEOPLE flows in wallets around the world. A DAO has dissolved, but 5 billion Tokens have become the physical carriers of the decentralized spirit—just like the phrase that flooded the Discord community: “We didn’t buy the Constitution, but we bought the faith.”