Constitution DAO may have lost its bid on a piece of American history last month, but this has helped to launch the company into the digital spotlight. Its meme currency is now up by 900 percent, marking one of the largest surges to occur over the span of just a few weeks.
Constitution DAO Is Still Accomplishing Something Big
Coin Market Cap was one of the first sites to report on the data. The currency has been dubbed the “people token” given that it is offered to those who have donated money to the cause. The company is all about giving back to those who have been loyal to it.
Constitution DAO first came to light in November when it took part in a Sotheby’s auction that saw one of 13 original copies of the U.S. constitution up for grabs. The document was estimated to be worth nearly $20 million at the time, and the company felt it had a good chance of garnering the prize by raising more than $30 million. Constitution DAO was also set on allowing crypto to play hardball with fiat and many other assets that were initially used to take part in auction bids.
The company spent many weeks putting news out on Twitter and other social media platforms, claiming they were looking for donations in digital funds. The firm collected money from thousands of individuals, and in the end, came pretty darn close to accomplishing its goal. Unfortunately, at the last minute, the money it made wasn’t enough, as the DAO was outbid by a figure in the $40 million range which came from a private collector.
The company was disappointed in the outcome and spent time after the auction ensuring participants got their money back. It is estimated that as many as 17,000 individuals donated to Constitution DAO’s cause. In doing so, they were granted units of people token, which in turn, granted them partial ownership in Constitution DAO. Now, the currency is up 900 percent, meaning all individuals taking part in the auction are seeing some serious profit.
The token is presently worth about four cents, which is small beans when compared to the rally it experienced over the Thanksgiving holiday. This rally saw it jump to 16 cents. Since the organization first came about, the ideas behind DAOs have grown immensely, with many crypto fans and trading advocates now looking to establish their own private groups in the name of reaching specific results.
So Many Meme Coins Coming About
One, for example, is now looking to purchase a professional basketball team, while another is working to create an animated series based on the original plans for the movie “Dune.”
Aside from people token, other meme currencies – such as Dogecoin and its spinoff Shiba Inu coin – have made it into high categories of the crypto industry.
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