ConstitutionDAO volatility and risk: how violent it has been
1,787 daily moves since 23 Dec 2021. On a typical day PEOPLE moves 3.2% in one direction or the other; on 1 day in 20 it has lost more than 10.5%, and its deepest fall from a record close was −97%.
Volatility is the standard deviation of daily log returns multiplied by the square root of 365, the usual way to put it on a yearly scale. “1 in 20” and “1 in 100” are the 5th and 1st percentiles of all daily moves, read straight from the history with no model.
The 10 largest one-day falls, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 11 May 2022 | −48.1% | $0.01400 | +3.6% | +43.8% |
| 4 Jul 2024 | −33.2% | $0.05460 | +5.2% | +5.4% |
| 10 Oct 2025 | −31.1% | $0.01142 | +2.8% | +9.8% |
| 9 May 2022 | −27.5% | $0.02530 | −39.9% | −18.5% |
| 15 May 2025 | −25.1% | $0.02602 | +9.5% | −28.7% |
| 10 Jun 2023 | −24.8% | $0.01197 | +2.0% | +7.6% |
| 12 Apr 2024 | −24.3% | $0.02682 | −6.9% | +12.3% |
| 8 Nov 2022 | −22.6% | $0.01933 | +21.0% | +30.0% |
| 5 Mar 2024 | −21.8% | $0.04255 | +12.3% | −16.3% |
| 21 Jan 2022 | −21.2% | $0.04170 | +36.0% | +27.3% |
After these 10 falls, PEOPLE was higher a week later in 8 of 10 cases and higher 30 days later in 7 of 10. 10 hand-picked extremes are an anecdote, not a test. The full count is on the 10% drop in a day study: 62 scored cases, verdict “no better than chance”.
The 10 largest one-day gains, and what followed
| Day | Move | Close | 7 days later | 30 days later |
|---|---|---|---|---|
| 5 Jan 2024 | +70.1% | $0.04005 | −3.7% | −36.5% |
| 3 Jan 2024 | +64.3% | $0.02194 | +57.1% | +17.0% |
| 29 Jan 2022 | +60.0% | $0.09070 | +20.1% | −22.5% |
| 13 May 2025 | +52.2% | $0.03389 | −24.6% | −42.9% |
| 15 May 2024 | +47.6% | $0.05075 | +29.5% | +129.5% |
| 29 Feb 2024 | +43.7% | $0.04613 | −1.4% | −15.0% |
| 21 May 2022 | +41.2% | $0.03190 | −25.4% | −22.8% |
| 7 Nov 2025 | +36.6% | $0.01370 | −22.0% | −29.5% |
| 5 Feb 2022 | +36.5% | $0.1089 | −37.4% | −50.0% |
| 25 Feb 2022 | +30.8% | $0.06960 | −18.7% | +15.4% |
After these 10 gains, PEOPLE was higher a week later in 3 of 10 cases and higher 30 days later in 3 of 10. The full count is on the 10% jump in a day study: 66 scored cases, verdict “no better than chance”.
Moves are from one daily close to the next (00:00 UTC), Binance spot. “Open” means that many days have not passed yet.
ConstitutionDAO and Bitcoin
Over the last 365 days PEOPLE has moved closely with Bitcoin: the correlation of their daily moves is 0.61, where 1 means in step and 0 means unrelated. For each 1% Bitcoin moved in a day, PEOPLE moved about 1.29% on average.
| Period | Days | Correlation | Move per 1% of Bitcoin |
|---|---|---|---|
| Last 90 days | 90 | 0.61 | 1.52% |
| Last 365 days | 365 | 0.61 | 1.29% |
| All shared history | 1,787 | 0.50 | 1.44% |
Daily close-to-close moves on the 1,787 days both pairs traded. What PEOPLE did in the week after a Bitcoin shock is tested separately: after Bitcoin drops 5% in a day.