FOX Token Rally: Yield Play or ShapeShift DAO Craving?

FOX Token Rally: Yield Play or ShapeShift DAO Craving?

“ShapeShift has begun decentralizing,” the Colorado-based exchange’s CEO, Erik Voorhees, said in an announcement on Wednesday detailing the company’s decision to dissolve the corporate model and evolve into a decentralized autonomous organization (DAO). 

The disclosure lit a fire under ShapeShift’s governance FOX token, sending its price higher by over 300% to $1.16 in a matter of hours. And while the cryptocurrency has retraced to $0.55 in the past 24 hours, it’s still up almost 200% this week – a stellar performance considering the broader market lull.