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FOX Token Up 77% on ShapeShift DAO, Airdrop News
ShapeShift’s token is up significantly on news the exchange is becoming a decentralized autonomous organization (DAO).
What’s being billed as “the largest airdrop in history” is doing wonders for the FOX token’s price.
STORY CONTINUES BELOW
ShapeShift’s exchange token is surging Wednesday following news that the storied crypto exchange is tossing the keys to FOX holders and shutting up shop over the next 12 months.
The move is akin to Uniswap’s UNI distribution last summer as ShapeShift moves to wind down corporate operations and exist as a decentralized exchange on the internet governed by token holders.
FOX was changing hands at $0.52, as of press time; before the news went out this morning, the token was trading at $0.28. It hit $0.68 about an hour after the 11:00 a.m. ET announcement.
ShapeShift is in the process of airdropping 340 million FOX tokens to all past users. Perhaps driving the surge is a liquidity mining scheme slated to start on July 16.
Read more: ShapeShift to Shut Down, Airdrop FOX Tokens to Decentralize Itself Out of Existence
ShapeShift launched FOX in November 2019 as an early step in wooing retail traders away from custodial exchanges, founder Erik Voorhees said at the time.
Its previous all-time high was $1.46 in April 2021.
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
