Aug 27, 2021 10:38
The sports world got shocked when the Argentinian football player Lionel Messi decided to leave his club Barcelona. He not only left the Barcelona club but signed directly afterward with Paris Saint-Germain. After this event, something happened that made the cryptocurrency market jump out of excitement. Many mainstream media outlets also published articles regarding what happened...Is the Messi crypto fairytale true?
Confirmed - Messi will be Paid in Crypto
Lionel Messi signed a 2-year contract with the Paris Saint-Germain club. The news that hit the crypto sphere hard is that Messi's salary will be partly paid in cryptocurrency, and specifically the PSG token. This news made the crypto market jump by 5% on that day.
The PSG Fan token is a cryptocurrency that allows its holders to be involved in the decision-making surrounding the club. An example of such decisions can be choosing the design that goes on the shirts of the players, the message on the captain's armband...The possibilities are endless to keep the fans engaged with their club. You can consider Fan tokens similar to governance tokens, but instead of governing a company, it's participating in surveys regarding the club.
Is the PSG Token worth it?
The PSG token was on a downtrend when news about Messi getting paid in PSG surfaced. This shows that long-time holders were trying to cash out during this craze. On the other hand, the price-action of PSG shows a beginning of an uptrend, with a possibility of a short-term correction.
Whenever Messi will be paid in PSG, its demand will increase, and in turn, its price will increase at the same time. On the other hand, if Messi decides to liquidate his PSG tokens in order to cash out, PSG prices might tank, as it is believed that Messi will become the largest holder of this token after a couple of months.
PSG Token Quick Stats
The current price of the PSG token is around USD 35. It recently shot high from a low price of USD 12 all the way close to its previous all-time high of USD 56 and is currently correcting. There are currently around 3 Million PSG tokens in circulation, and the market cap is around USD 102 Million.
There is a maximum supply of 20 Million PSG tokens, so were are currently only around 15% of the total supply of PSG. Is there potential for growth?
Is the PSG Token a Good Investment?
If you consider yourself a true fan of the club, well, there are no questions to be asked. On the other hand, if you are in it only to make quick bucks, there might be potential in buying the token at the current price. The token project is still in its infancy and has plenty of room to grow. On the other hand, investors should expect further adjustments in prices lower, to compensate for the recent price increase.
Additionally, traders should be wary of end-of-month price fluctuations, as liquidating a "fat salary" might have a big impact on the price of the PSG Token.
PSG/USD chart on
coinmarketcap.com
Messi Crypto
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