Folks who donated to ConstitutionDAO were given PEOPLE tokens in exchange, proportional to the amount they donated. Post-auction loss, those can be traded in for a refund (less gas).
Model this: PEOPLE tokens are trading at 30x their refund value! Who is buying these, and why?
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(To make sense of the prices, you need to understand that PEOPLE tokens were issued at 1M per ETH donated)
Also, how could there possibly be a 24h trading volume of ~6k ETH worth of $PEOPLE tokens? The DAO only raised about half that much total!
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… smells like wash trading 😐
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Ah, that's a good theory! At least for the PEOPLE/ETH pools. Doesn't make sense for PEOPLE/USDT pools.
(…oh OK, but the presence of PEOPLE/ETH pools which can be used for wash trading would prop up the price of PEOPLE/USDT pools, because if that didn't happen, you could arb)