What’s being billed as “the largest airdrop in history” is doing wonders for the FOX token’s price.

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.

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.