A little over three weeks ago, on November 18, a group of Discord dwellers scrounged together $47 million to buy a rare copy of the U.S. Constitution at auction. And lost.

But don’t tell that to the token they created.

PEOPLE, which ConstitutionDAO contributors received for donating Ethereum to the bidding effort, hit an all-time high price of $0.17 today, beating its previous record of $0.16 set on November 27.

There’s not much use for the PEOPLE token, as the DAO’s leaders state: “The tokens possess no rights, governance, or utility other than redeeming them for ethereum from the smart contract held in Juicebox at a ratio of 1,000,000:1.” 

Had the Constitution bid been successful, PEOPLE tokens would have represented shared ownership of the document. Instead, DAO members can just get refunds on their ETH, minus any transaction fees. Since the project collected over 17,000 donations—many in small amounts—some contributors have opted not to trade in their tokens so they can be destroyed; the current high transaction costs on the Ethereum network just aren’t worth it. Others are holding on, perhaps to repurpose the token for a related cause.

So, PEOPLE, with a maximum supply of over 5 billion, lives on as a speculative digital asset, like so many other tokens before it. And with an unknown number of redemptions slowly driving that supply down, the asset has become deflationary. In other words, the token is becoming increasingly rare, just like intact copies of U.S. founding documents.

PEOPLE is traded on a handful of exchanges, includes Uniswap, Gate.io, and BKEX….