Massive Whale Transaction Shakes Forgotten PEOPLE Token, Leading to 13% Price Drop

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A significant transaction by a crypto whale has brought attention to a forgotten cryptocurrency project.
According to data from blockchain analytics platform Lookonchain, a newly created wallet withdrew 9 million PEOPLE tokens (valued at approximately $1 million) from the OKX exchange just 30 minutes ago.
Following this large transaction, TradingView data shows that the price of PEOPLE token has plummeted by 13% over the past 24 hours.

Discover the latest developments in the PEOPLE token and its historical significance with ConstitutionDAO in this comprehensive crypto news article.

The Historic ConstitutionDAO and Its Token: PEOPLE

The PEOPLE token gained notoriety three years ago through the ambitious ConstitutionDAO project, which aimed to purchase a rare copy of the U.S. Constitution.

Origins and Crowdfunding Success

ConstitutionDAO made headlines by raising approximately $48.9 million through crowdsourcing to bid on the U.S. Constitution at a Sotheby’s auction. However, the DAO lost the auction to hedge fund billionaire Kenneth Griffin, leading to the project’s eventual wind-down.

The Impact of ConstitutionDAO’s Dissolution

As a result of missing their primary objective, the ConstitutionDAO organizers, including Graham Novak, announced on their Discord channel that the project would be shut down. Although they promised to refund donations, some community members voiced concerns about the exact amount to be returned, causing volatility in the PEOPLE token.

Market Reaction and Current Trends

Following the massive withdrawal of 9 million PEOPLE tokens from OKX, the price experienced a sharp decline. This sizeable transaction has reintroduced the token to the spotlight, prompting renewed interest and speculation within the crypto community.

Conclusion

This resurgence of activity around PEOPLE token highlights the unpredictable nature of cryptocurrency markets and projects. While ConstitutionDAO may have ended, the PEOPLE token continues to attract attention and stir market dynamics. Investors and analysts will be closely watching for any further developments.