FOX Token price prediction: ShapeShift DAO, Airdrop News shoots price by 94% – ShapeShift is doing one of the biggest airdrop in recent history along with launch of decentralized autonomous organization (DAO) which is responsible for FOX token price increasing by 94% in the past 24hrs.
This also means that ShapeShift is closing its doors, handing over its legacy to DAO controlled by holders of its FOX token. In the process, it will airdrop $98 million in crypto to decentralized finance (DeFi) investors. “The Hash” team discusses what’s next for the legendary exchange and its founder Erik Voorhees in the move to “true decentralization.”
What’s being billed as “the largest airdrop in history” is doing wonders for the FOX token’s price and it looks to continue the rest of the week and beyond.
ShapeShift’s exchange token surged 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 liken 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.
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.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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