A stock market David vs. Goliath story occurred in 2021 with retail investors facing off against hedge funds. The battle saw rising valuation of stocks that included GameStop Corp (NYSE: GME) and AMC Entertainment (NYSE: AMC) and a battle of short sellers.
The David vs. Goliath battle has now spilled over into the world of cryptocurrency and includes a shared character.
What Happened: A group called ConstitutionDAO attempted to buy one of 13 copies of the U.S. Constitution from a Sotheby’s auction.
David Vs. Goliath: The publicity surrounding the ConstitutionDAO included the group sharing how much they had to bid on the U.S. Constitution, which may have overplayed their hand and made it known how much someone could bid to beat them.
With a motto of “We the People, For the People,” ConstitutionDAO fought to win the auction to keep it away from a rich person.
The group …