PEOPLE has one of the simplest token structures in crypto. Every token was created at a fixed rate of 1,000,000 PEOPLE per ETH during ConstitutionDAO's November 2021 crowdfund, with no team allocation, no investor round, no vesting schedule and no emissions. The 5.07 billion PEOPLE in circulation today are what remained after contributors burned tokens for refunds, and each one can still be redeemed for ETH at that original rate.
So PEOPLE's tokenomics come down to a single ratio, and that ratio explains why the token has traded above a mechanical floor for most of its life.
The Juicebox Settings Behind PEOPLE
ConstitutionDAO issued PEOPLE through Juicebox, a crowdfunding protocol on Ethereum. Juicebox's documentation of the setup lists the parameters that still define the token.
| Setting | Value | What it meant for holders |
|---|---|---|
| Issuance rate | 1,000,000 PEOPLE per ETH | Every contributor bought in at the same price |
| Discount rate | 0% | No bonus for contributing early |
| Reserved rate | 0% | No tokens set aside for the team or organizers |
| Funding target | None during the raise, then zero after the auction | The full treasury became redeemable overflow |
| Redemption rate | 100% | Any holder can burn PEOPLE for ETH at the original rate |
| Project owner | Null address since December 2021 | No one can change the settings |
These were settings for a single-purpose raise. The organizers wanted the largest possible war chest for one bid and a clean exit if they lost, and the account of why ConstitutionDAO lost the auction shows how quickly that exit was needed.
From 11,600 ETH to 5.07 Billion Tokens
The supply arithmetic follows from those settings in four steps.
- Issuance. Contributors sent roughly 11,600 ETH, which minted around 11.6 billion PEOPLE at the fixed rate.
- Refunds. After the shutdown on November 23, 2021, holders began burning PEOPLE through Juicebox to reclaim ETH. Ethereum gas fees of $50 or more per transaction slowed the process, and about $23 million was still unclaimed weeks later.
- Lockdown. In December 2021 the team renounced ownership of the Juicebox project, freezing the configuration permanently.
- Today. Etherscan's token page shows a total supply of 5,066,480,892 PEOPLE across about 19,400 holding addresses, so well over half of the tokens originally issued have been redeemed and burned.
At the original rate, the remaining supply represents roughly 5,070 ETH of redemption value. That figure is the backstop behind the token, and it is small next to PEOPLE's market capitalization.
Redemption Value and the Market Price
The redemption rule sets a reference price that moves with ETH: PEOPLE's refund value equals the ETH price divided by 1,000,000. With ETH near $2,500 in mid-September 2026, one PEOPLE redeems for about $0.0025, while the market price on CoinGecko sits near $0.0081.
The difference between those two numbers is the premium the market pays for PEOPLE's story, liquidity and meme status. At current prices it accounts for roughly 70% of the token's value. When the premium shrinks toward zero, redeeming becomes competitive with selling, which gives the price a soft floor. When sentiment runs hot, the premium can expand many times over, as it did in December 2021 and again in 2024.
Because the floor tracks ETH, a PEOPLE position gains or loses redemption value with every move in ETH, even when nothing happens to PEOPLE itself. The PEOPLE price prediction runs those ETH scenarios alongside the published forecasts.
What PEOPLE Holders Do Not Receive
Most token models give holders at least one ongoing right, and PEOPLE carries none of the common ones. Governance is absent: the official ConstitutionDAO site says the token has no rights or utility beyond redemption, and the DAO itself dissolved in 2021. Staking yield and fee sharing are absent too, because there is no protocol generating revenue. Even the treasury has a single job, which is paying out redemptions.
Other Ethereum community tokens work differently. The ENS tokenomics include a DAO treasury, regular governance votes and ongoing protocol income from name registrations. PEOPLE's one standing right is the exit.
Frequently Asked Questions
What is the total supply of PEOPLE?
The total supply of PEOPLE is about 5.07 billion tokens as of September 2026, and the circulating supply is the same figure because there are no locked or vesting allocations. The number is down from roughly 11.6 billion at issuance, after holders redeemed tokens for ETH.
Does PEOPLE have a maximum supply?
PEOPLE has no hard-coded maximum supply, which is why data sites such as CoinGecko list it as uncapped. In practice no team, allocation or emissions schedule adds tokens, and the supply sits far below its 2021 issuance.
How much ETH backs the PEOPLE supply?
At the original redemption rate, the 5.07 billion PEOPLE in circulation correspond to roughly 5,070 ETH, worth about $12.7 million with ETH near $2,500 in mid-September 2026. That is about a third of PEOPLE's market capitalization, so most of the token's value rests on market demand above the refund.
Is PEOPLE deflationary?
PEOPLE has no scheduled burn, but every redemption destroys tokens permanently, so redemptions are the one mechanism that removes supply. Because PEOPLE trades well above its redemption value as of September 2026, holders have little reason to redeem, and redemptions tend to pick up only when the market price nears the refund value.
A Supply Frozen in 2021
PEOPLE's tokenomics were written for a one-week fundraiser and locked before that year ended. The result is a token with equal-price issuance, zero insider allocation and a permanent refund option, and nothing else attached.
If that structure suits your view, buy PEOPLE on the spot market, take a long or short position with PEOPLE perpetual futures, and find more token breakdowns in Crypto in a Minute.