FOX Token Rally: Yield Play or ShapeShift DAO Craving?

SourceYahoo News
SectorTechnology
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Omkar GodboleJuly 16, 2021, 9:11 AM·4 min readIn this article: Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

“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. 

Analysts stand divided on whether the rally represents an ever-intensifying search for yield or investors cheering ShapeShift’s early-mover advantage as a DAO.

Related: Market Wrap: Bitcoin Holds Above $30K but Price Chart Looks ‘Ugly’

“The FOX token moved...read more...