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?
Conversation
I sold mine lol. Probably as a memento for a historical event? And maybe people expecting to sell for even more
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You think most of these buyers are just speculating, hoping a greater fool will come along? It's honestly hard to believe!
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I would be fascinated to discover any other reason than pure speculation.
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This makes some sense:
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Replying to @andy_matuschak
… smells like wash trading 
Fair, I guess that's technically different than speculation.