ConstitutionDAO [PEOPLE] saw a massive surge in the price movement, hitting as much as $0.087 in the early hours of 27th November 2021, and continued to rake in new highs. Apart from that, the single-day trading volume on the previous day swooped a whopping $48 million, which is higher than the sum of the past 7 days. The network also witnessed the number of currency holding addresses has exceeded 11k.
The latest uptick has been attributed to the recent announcement of the Seychelles-based crypto exchange OKEx that it was listing PEOPLE tokens on its spot trading platform. Meanwhile, the CEO of the digital exchange firm shared a brief message on his Twitter handle.
In addition to that, the tremendous upside momentum in the coin’s market came in the backdrop of market participants going on a dumping spree for the Ethereum blockchain’s native token, Ether [ETH]. That is mostly because ConstitutionDAO, a decentralized autonomous organization [DAO] led by a community of crypto investors, raised over $47 million in Ether in a crowdfunding campaign through the sale of PEOPLE tokens.
It intended to use the earnings to purchase the first copy of the United States constitution in an auction but lost its bids to Chicago Billionaire Kenneth Griffin who is the CEO of the leading multinational hedge-fund firm, Citadel. Despite losing the highly anticipated bid, the effort has brought the attention of the diverse use cases of blockchains and cryptocurrencies to the fore: DAOs.
DAO takes the Centre-stage
Decentralized Autonomous Organization [DAO] is built using the functionality of the smart contracts protocol, a feature widely used in major blockchains such as Ethereum, Solana [SOL], and Cardano [ADA]. Traditional organizations appoint a board of directors who are authorized to make changes to a firm and its governance. Whereas a smart contract is a program intended to self execute when some predetermined conditions are met, thus eliminating the need for an intermediary or time loss.
On top of that, no single member can make any changes in the DAO and can only be modified after a majority is reached. Since it is built on a blockchain, every decision taken is pitched, discussed, and documented automatically.