Of a total of 32 countries, only 8 remain in the battle for the World Cup in Qatar. The football world cup is in full swing and is thus influencing the prices of the fan tokens of the participating national teams.
Earlier you could read in the altcoin news that the fan tokens of national teams increased in the run-up to the football tournament in Qatar. Particularly the countries that would participate in the World Cup increased in popularity among investors. However, it has now become apparent that with a classic ‘buy the rumor, sell the newsto do with an event.
Fan tokens are falling sharply
Especially the fan tokens of the participating countries have had to endure a lot of blows since the start of the World Cup. The fan tokens of Portugal and Argentina had one two days before the opening match all time high and Spain and Brazil had peaked on September 28. However, since the start of the World Cup, things have only gone downhill for all fan tokens.
Indeed, the fan tokens of Portugal, Spain, Brazil and Argentina have fallen between 60 and 88% since November 20, the start of the football fest. This is despite the fact that Portugal, Brazil and Argentina are currently in the quarterfinals. Spain also only had to leave the tournament a day after the loss to Morocco. The trading volume of these tokens has also dropped between 79 and 88% since November 20.
The tokens generally react to on-field performance. For example, the price of the fan token of Spain had taken a nosedive after the elimination against Morocco. In the past 24 hours, the price is down nearly 60%, according to data from CoinMarketCap. You could also read earlier that the token of Argentina had fallen by 31% after the defeat against Saudi Arabia. However, the good performance does not seem to have a positive influence on the prices. After Portugal’s win over Switzerland, POR still lost 30% of its value in the past day.
Same story for Chilliz
Chilliz (CHZ) is the driving force behind Socios.com, the most popular fan token issuance platform. The price of this altcoin has gone through a similar course as the fan tokens themselves. The value rose sharply prior to the World Cup, but has since fallen by some 36% to a current price of just over $0.15.