ConstitutionDAO ($PEOPLE) Thesis

Five years ago this month, a group of friends on the internet tried to buy the U.S. Constitution.

ConstitutionDAO came together in days and raised over $40 million in ETH from about 17,000 people on Juicebox, with every donor getting 1,000,000 $PEOPLE per ETH. The ticker came from the document's first words, We the People. On November 18, 2021 the DAO bid at Sotheby's and lost to Citadel CEO Ken Griffin, who paid $43.2 million.

Refunds opened, but Ethereum gas made them painful. The median donor had sent $217 and stood to lose close to half of it paying fees twice, so many simply kept their tokens. The losing ticket turned into a meme coin, and five weeks later Binance listed $PEOPLE.

The idea it started never left. In October, $TRCH1 holders pooled $600,000 to buy a triceratops on Solana, and @deanmachine called it the goal ConstitutionDAO set, finally made real.

Griffin went home with the parchment. The crowd kept its opening words, and $PEOPLE still trades as proof the internet once came within a few million dollars of owning the Constitution.