ConstitutionDAO (PEOPLE) Analysis & Market Overview

Sypool Protocol
9 min readJan 12, 2024

1. Project Overview

ConstitutionDAO was a crowd-funding movement to buy a first-edition copy of the U.S. Constitution. PEOPLE is the token representing a share of the ConstitutionDAO. Since the bid for the document has failed, the PEOPLE token is now representing a DAO movement with historical significance.

Currently, the PEOPLE token has no explicit use cases as the founding team has chosen to close the project and burned their multi-sig that controlled the raised funds.

As such, no further PEOPLE tokens can be minted. PEOPLE holders will always have the chance to convert 1,000,000 PEOPLE tokens to 1 ETH.

Several community-based DAOs have sprung up claiming to use the PEOPLE token as their project’s native token. Notable ones include:

PeopleDAO: A DAO governed by the PEOPLE token and aims to maximize the interests of PEOPLE holders. A Snapshot vote was created to initiate the DAO, with a high voter turnout of ~645 million PEOPLE tokens (12.8% of the circulating supply).

PEOPLE@BTCdayu: A community DAO created by a Chinese crypto influencer. The tentative roadmap includes releasing NFTs and a DEX.

As of December 23rd 2021, the total and circulating token supply of PEOPLE is 5,054,072,056. ConstitutionDAO (PEOPLE) is mainly trading on Ethereum.

2. Fundamental Analysis

The total supply of PEOPLE is 5,060,137,335, with a circulating supply of 5,060,137,335, accounting for approximately 100% of the overall circulation. This significant number represents the overall quantity of tokens that have been created and are available for use within the designated ecosystem.

Furthermore, the observed 24-hour trading volume indicates a market activity rate of approximately 380.36%, suggesting that the market is highly active. In such circumstances, investors need to closely monitor market changes and promptly adjust their investment strategies.

3. Ownership Distribution Analysis of ConstitutionDAO (PEOPLE) on Ethereum

-Low private ownership, dispersed allocation, frequent trading activities, and a prevailing official exchange account.

The official token accounts such as Rank 1:OKX. Deposit_2, Rank 2: Binance 8, and Rank 3:Binance-Peg Tokens, these addresses are token public exchange tradings, deposits, or project corporation accounts.These types of accounts hold a significant PEOPLE token’s ownership stake due to specific reasons. And this kind of accounts takes 83.433% of the ownership.

After excluding the project corporation accounts, it is evident that private investors hold a mere 4.722% of the top 30 positions.Among these, the private token holder at Rank7 possesses the largest share with 1.974%, equivalent to $4.4 million based on the PEOPLE token price of $0.044 and comprising of 1 billion tokens. Another private token holder emerges at the 15th position, accounting for 0.483%, valued at $1.077 million. The positions beyond Rank15 exhibit a dispersed allocation below 0.5%.

The transaction activities within a 24-hour period demonstrate significantly elevated levels of activity primarily from public accounts, resulting in an additional balance of 4,229,189.65 units, equivalent to a cash inflow of $186,084.345. This outcome reinforces the market’s standing. The largest influx is attributed to Rank5 (OKX Exchange User), which purchased 33.054 million tokens valued at $1,454,415.615. Conversely, the greatest outflow originates from Rank1 (OKX Deposit_2), which sold 36.134 million tokens worth -$1,589,901.249.

Overall, these transactional trends reflect a vibrant marketplace with active participants seeking opportunities for growth and diversification within the digital asset space.

#Rank 1–6 are public association trading accounts.

#Rank 7

As previously mentioned, Rank 7 holds the highest ownership among private token holders, encompassing two distinct tokens — ETH and PEOPLE. However, it is worth noting that the quantity of ETH held is relatively limited, worth $43.177 only.

The data indicates that Rank7 made three transfers of PEOPLE tokens, with a total of 1 billion tokens transferred in April and June 2022.

#Rank 8–14 are public token exchange accounts.

#Rank 15

The private owner holding PEOPLE secures the second position with a rank of 15, as mentioned earlier. This ownership accounts for 0.483% and consists of a balance of 24,478,792.440 tokens valued at $1.077 million based on conservative estimates. Additionally, they possess SAITAMA tokens amounting to 703,023.4181 units with a value of $973.378.

It only has a total 4 token transfers which all happened on the 7th of August, 2022. The 4 transfer amounts are in total 24,478,792.44 tokens with a value of $1,077,066.867.

The account initiated transactions following a surge at the end of March 2022. The transfers made by the account holder on August 7th may indicate a bullish sentiment towards the PEOPLE token; however, due to its initial launch in late 2021, the token has exhibited significant volatility. Consequently, the holder has retained ownership of the asset until the present without making any further movements.

#Rank 16–18 are public token exchange accounts.

#Rank 19

The 19th rank comprises five tokens with tangible value, among which PEOPLE stands out as the most pivotal asset. With a balance of 2 million and a token value of $0.04478 amounting to $895,770.954, it also encompasses tokens such as ETH, JUSTICE, USDC, and PANDA.

Furthermore, it is noteworthy that these tokens are implemented through smart contracts.

Based on the available information, it can be observed that there have been a total of 11 transactions involving this particular token. These transactions took place in April, June, and November of 2022, with an additional transaction occurring in June of 2023. It is worth noting that these transactions encompass both incoming and outgoing transfers.

The timing of these transactions suggests that the holder of this token may be actively monitoring its performance in the market. The decision to engage in multiple transactions over different periods indicates a level of interest or involvement beyond mere passive ownership.

While it is difficult to ascertain the exact motives behind these actions, one possible inference could be speculation. Speculation refers to making investment decisions based on expectations about future price movements rather than intrinsic value or fundamental analysis. Therefore, it is plausible to consider that the token holder might be engaging in these transactions for speculative purposes.

#Rank 20

Similarly, Rank 20 possesses a comparable token amount to that of Rank 19. Additionally, Rank 20 holds other tokens such as ETH and USDT, albeit in relatively smaller quantities.

A total of 8 token transfers, involving significant amounts, were conducted, encompassing both incoming and outgoing transactions. Ultimately, the account balance reached 20 million units. The transaction purpose takes into account the market performance.

#Rank 21–22 are public token exchange accounts.

#Rank 23

Rank 23 assets could be considered as an investment portfolio, including a reasonable amount of tokens involving ETH, PEOPLE, DAI and ETH2x-FLi. Rank23 has 15 million units.

The account executed a total of seven transfers, purchasing 31 million on November 18th, 2021 in response to the project founder’s request for fundraising.

#Rank 24

The contractor Rank24 demonstrates astute decision-making capabilities, as it currently possesses 299 tokens. Notably, PEOPLE accounts for a mere 0.280% of the whole ownership on Ethereum, equivalent to 14,196.287 tokens with a market value of $614,493.143.

For December 2023 and January 2024, the account holder engaged in four transactions during the recent waving period. The accompanying graph illustrates these transactional movements and suggests an active monitoring approach towards this token’s performance in the market.

#Rank 25–26 are public token exchange accounts.

4. Position Distribution

After consecutive gains, People is above the main accumulation area. Potential selling pressure decreases.

5. Contract Data

The Coinglass platform presents a real-time long/short ratio of 0.9604 over 24 hours. This ratio indicates a well-balanced market sentiment with a bearish tendency.

The Binance platform holds a dominant position in PEOPLE contract trading. The long/short ratio indicates a bullish inclination, with 60.89% leaning towards the bullish side on a scale of 0.001 based on the performance of the PEOPLE Perpetual market.

6. Recent News Highlights

The lack of specific news regarding token project refunds or revival, coupled with the prolonged inactive status of the ConstitutionDAO (PEOPLE) team, makes it difficult to comprehend the price surge that occurred at the end of December. On PANews, a newly published token platform, only an announcement was made about PEOPLE had liquidations amounting to $1.2341 million and experiencing a 64.5% intraday increase on January 7th and 6th,2024 respectively; however, no further explanation was provided.

However, according to CaptainAltcoin, a critic of Web3, it is unclear why PEOPLE is experiencing significant buying pressure today despite ConstitutionDAO’s previous declaration of dissolution and donor refunds. Traders should exercise caution when engaging in this potentially speculative bubble.

One analyst studying DAOs influencers has raised suspicions of manipulation, citing evidence such as a 700% intraday spike followed by a complete retracement, indicating coordinated pumping. Additionally, DAOscope identified five major holders who collectively own 50% of the supply.

7. Summary

7.1 PEOPLE on Ethereum Chain

The official token accounts hold 83.433% of the total ownership, while private investors only possess 4.722%, with the largest share held by the seventh-ranked private token holder at 1.974%. Over the past 24 hours, there has been a significant surge in trading activity from public accounts, resulting in an additional influx of funds totalling 4,229,189.65 tokens or $186,084.345 in cash inflow. This outcome reinforces the market’s position and reflects a dynamic crypto asset space with actively engaged participants seeking growth and diversified opportunities.


This analysis is provided for informational purposes only and should not be construed as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or investment product. Cryptocurrency markets are highly volatile, and the value of tokens can fluctuate significantly in a short period.

Investors should conduct thorough research and consider their risk tolerance before making any investment decisions. The information presented in this report is based on available data and market trends, and subsequent developments may impact the analysis.

The analysis relies on data from various sources, including blockchain explorers, exchanges, and news outlets. While efforts have been made to ensure the accuracy of the information, there may be unforeseen risks or events not accounted for in this report.

It is crucial to note that past performance is not indicative of future results, and the cryptocurrency market is subject to regulatory changes, technological developments, and macroeconomic factors that can influence prices and market dynamics.

Readers are encouraged to consult with financial professionals and conduct independent research before making any investment decisions. The author and Sypool disclaim any liability for financial losses or damages arising from the use of this analysis or reliance on its content.

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