Sign Up on MEXC
Fifa World Cup 2022 Fan Token News: Fan tokens linked to various national football teams have in the recent days saw huge trading activity as the world cup heat intensifies. On chain data shows a jump in trading volumes for these football fan tokens by as much as ten fold. However, these cryptocurrencies are following a pattern of negative sentiment around matches scheduled for the respective team’s fan tokens. The much sought after tournament is currently in group stage and is set to end with the Final match scheduled for December 17.
Also Read: FIFA World Cup 2022: Top Football Fan Tokens To Buy In December
Ronaldo Linked Portugal Fan Token Better Than Messi Argentine Fan Token
The Argentine Football Association Fan Token (ARG) recently saw a steady decline following the Messi team’s shock loss to Saudi Arabia. Same was the case following Argentina’s victory later against Mexico. The defeat to Saudi Arabia led to a 25% decline in ARG price and a further 22% drop after the Mexico. On the other side, the Portugal National Team Fan Token (POR) rose by as much as 119% in the space of 10 days ahead of the tournament. However, it lost almost 50% of the value after the world cup began, despite an unbeaten streak by the team.
The fall in fan token prices could likely be linked to the recent bloodbath in crypto prices. After the FTX and BlockFi bankruptcy situation, the market is struggling to recover. Experts say the football fan tokens saw a rise in volume by 10 times. Kaiko, a crypto data firm, said average daily trading volumes for the tokens rose to around $300 million in November from just $32 million last month.
The World Cup Curse On Markets
Interestingly, research suggests that the World Cup has had an adverse effect on traditional financial markets and likewise, the crypto market. It is found that the months during the 2014, 2018 and 2022 World Cups fared poorly for the crypto market. It was also found that the fan tokens dropped before the world cups began.
Also Read: Portugal($POR) VS Argentina($ARG) Who Would Win?
- Shiba Inu Update: SHIB Team Freezes 4.6M BONE Following Shibarium Bridge Hack Warning
- Trump-Backed WLFI Token Signals Rebound As Team Announces Buyback Plan
- Bitcoin ETF Inflows Shoot $642M Before Fed Rate Cut Catching Up With Gold Rally
- Analyst Predicts SUI Breakout as Group Approves $50M Buyback Program
- BlackRock Dumps Ethereum, Buys $366M in Bitcoin
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
