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FOX Token: Everything you need to know

FOX

Source: App Store – Apple

It has been a really long time since the cryptocurrency industry was first introduced and honestly, the industry has had a wonderful journey so far by being able to lure in potential investors from all across the globe and managing to make a name for itself in the global marketplace. Not just that, as mentioned, the industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe a majority of you are already familiar with the basics of the industry and I am sure that you are eagerly waiting for us to start with what we have with us today but, for some of you who are new to this whole thing, it’s best if we have a brief look at the industry first.

To begin with, cryptocurrencies as the name suggest is nothing but a form of online or virtual currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available online.

In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

Also, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.

That is surely not the case anymore as today, we have pools of currencies available for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

FOX

Source: DC Forecasts

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Bitcoin, Cardano, Baby Doge, Ethereum, Dogecoin, Polkadot, Binance Coin, PancakeSwap as well as EverGrow Coin to name just a few of course.

In addition to this, it feels rather interesting seeing such a rapid growth of the industry over the past couple of years and so, let’s look at some of the major contributing factors responsible for this huge success including portability, high-profit margins, volatility, negligible response time, convince it offers, intuitive nature as well as ease of use of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, ShapeShift FOX Token. To know more, I suggest you read further!

Everything to know about FOX Token (FOX)

FOX

Source: Pirates of Grill

ShapeShift or as commonly referred to as FOX is nothing but simply a borderless, cross-chain cryptocurrency trading platform as well as a portfolio manager which is used for user self-sovereignty. Not just that, the platform is said to enable users on the platform to easily purchase, send, receive, manage as well as swap assets with the help of a mobile interface or even a web platform, while letting them choose to use a range of hardware and software wallets including Portis, Ledger, ShapeShift native, KeepKey as well as Trezor to name a few. 

In addition to this, ShapeShift is a hundred percent self-custody platform, which means that the users are always in control of their keys. Also, ShapeShift is one such platform that is said to not collect any sort of personal information and even add any trading fees. Before moving any further, it is probably worth noting that, the said platform was originally founded as a privately held company that was based out of Switzerland, back in 2014. 

However, you should know that, in June 2021, the company announced that it was turning into a fully decentralized project, thus open-sourcing all of its source codes as well as turning ownership and governance over to the so-called community of FOX token holders. Speaking of FOX, as mentioned, it is the native utility token of the ShapeShift platform, which as a matter of fact can be used for a variety of purposes on the platform itself. 

FOX

Source: CoinJournal

Furthermore, by simply participating in the ShapeShift DAO (decentralized autonomous organization), FOX holders on the platform can easily vote on future asset integrations, fee structures as well as products for the platform. Apart from this, the project’s native utility and governance token, FOX, granted on all trades, makes trading much more competitively priced as and when compared to going directly to decentralized exchanges (DEXs). 

Furthermore, other than just leveraging their governance abilities, token holders on the said platform can also easily utilize various unique strategies for decentralized finance (DeFi) in order to just maximize the overall benefits of owning FOX. Not to mention, the total capped supply of the token is known to be fixed at around 1,000,001,337 Tokens which helps in ensuring that the FOX token will never become an inflationary token.

As talked about earlier, the overall goal of the ShapeShift DAO is to simply become the most influential cryptocurrency-based organization all across the globe by just building a virtual asset platform that empowers, delights, inspires as well as protects those who are around us.

Not just that, in order to achieve their vision of being a borderless financial system that is said to be built on decentralized protocols, the community uses FOX tokens as a tool to achieve this very mission by bootstrapping network effects as well as funding proposals with the help of voting. 

Lastly, the ShapeShift decentralized autonomous organization is known to be powered by SafeSnap (SnapShot + Gnosis Safe), which just means that the community members can vote on proposals with absolutely zero gas fees and the results of the said votes can just trigger on-chain transactions from the DAO’s Gnosis Safe. 

Now that we have talked much about ShapeShift FOX Token, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in FOX Token (FOX)

FOX

Source: Markets Insider – Business Insider

As of today, the price of ShapeShift FOX Token is about 0.400331 US dollars with a twenty-four-hour trading volume of 42,409,292 dollars. Not just that, in just the past twenty-four hours, the value of the FOX token has gone up by 27.57 percent, and with the current market cap of 117,291,693 US dollars, FOX is currently placed at #352 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of the ShapeShift FOX Token is 292,986,720 FOX coins, with the maximum lifetime supply of the token being 1,000,001,337 FOX coins. In just the past week alone, the price of the platform has risen by 31.00 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in ShapeShift FOX Token is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that ShapeShift FOX Token can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

FOX

Source: YouTube

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, ShapeShift FOX Token does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy ShapeShift FOX Token? Let me help you with that. Currently, ShapeShift FOX Token is available on all major crypto exchanges but, some of the popular exchanges that have FOX listed on them include Huobi Global, Gate.io, Hoo as well as Coinbase Exchange to name a few.  

In conclusion, what are your thoughts on FOX Token? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: SXP: Everything you need to know

 

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