Football Fan Token Slump Prior to World Cup 2022: Here’s What’s Going On
Just 40 days until the World Cup 2022 kick-off in Qatar, the popular football fan tokens of the most established clubs have been plunging. This comes just three days after Binance announced Lazio Fan Token (LAZIO) and FC Porto (PORTO), among others, being added to Cross Margin and Isolated Margin.
Earlier this year, Binance introduced the Football Fan Token Index, which is calculated by a formula that “uses the weighted averages of the real-time prices of the relevant Fan Tokens constituting the Index, as published on the Binance Spot market, denominated in USDT.” According to Rekt Fencer, the founder of X DAO, the unexpected price movements are happening due to “market manipulation.”
...that IMO they won't immediately dump their tokens due to Binance's desire to manipulate the FOOTBALL Index price before the World Cup (I wanna remind you that LAZIO's weight in the index is 20%).https://t.co/yVJ5jNydtg
— Rekt Fencer (@rektfencer) October 9, 2022
Top Football Fan Tokens in Double-Digit Deficit
Without a doubt, the overall impact of the ongoing bear market is an obvious factor. However, the football fan tokens with the largest market capitalization seem to be taking the hit. According to CoinMarketCap, the top 3 fan football tokens are:
- Santos FC Fan Token (SANTOS)
- Lazio Fan Token (LAZIO)
- FC Porto Fan Token (PORTO)
Firstly, Santos FC Fan Token (SANTOS) is the most expensive out of the three. At press time, The Vila Belmiro-based team’s Santos FC Fan Token (SANTOS) trades at $14.15. The Brazilian club’s native cryptocurrency has suffered an 8.1% decline in the last 24 hours, the least of the three.
Secondly, the legendary Italian football club Lazio’s cryptocurrency dipped by as much as 11.1% in the last 24 hours. At press time, Lazio Fan Token (LAZIO) trades at $5.42, according to CoinGecko. It has been on a downward trend for the past month with 28.2% in the red.
Thirdly, there’s the Portuguese football club FC Porto, which is in a similar situation to Lazio, one of the oldest European clubs, established in 1900. Priced at $4.64, FC Porto Fan Token (PORTO) dropped out of the TOP 1,000 by market capitalization and took a huge hit in the last 24 hours with an 11% drop. Moreover, the monthly perspective looks even worse with a 33.3% deficit.
@SantosFC is a Brazilian football club based in São Paulo. It was founded in 1912, amassing fans all over Brazil and the world since then.
— Poloniex Exchange (@Poloniex) October 7, 2022
Learn about #SANTOS, the Santos football club’s official cryptocurrency & what can you do with the fan tokenshttps://t.co/AbGbk9EiuR
On the Flipside
- Despite football fan tokens being in a huge slump in the wake of FIFA World Cup 2022, there’s more crypto adoption in football than ever before.
- FC Flamengo, another established Brazilian club, has teamed up with Moonpay for a Web3 entrance just a couple of days ago.
Why You Should Care
Sports & crypto partnerships generated over $2.6 billion in 2022, doubling since 2021.
Read more about the collaboration between football & blockchain in these pieces:
Dapper Labs to Launch LaLiga Golazos Football NFT Project on Flow (FLOW)
Read more: https://dailycoin.com/football-fan-token-slump-prior-to-world-cup-2022-heres-whats-going-on/
Text source: DailyCoin.com
