A “pump and dump” at the level of the World Cup? The price of the Argentine Football Association Fan Token (ARG) had seen a nice surge at the end of the World Cup. But he has completely unscrewed since yesterday. What to remember?
Argentina token drops after World Cup victory
We explained it to you at the beginning of the month, the “fan tokens”, these cryptocurrencies based on the communities of fans – in particular of football – had until then struggled to convince in this 2022 World Cup. But the progress of Argentina in the competition had still ended up propelling the course of the Argentina Football Association Fan Token (ARG) at the end of the competition.
A high of 7.4 dollars had thus been reached two days before the last match, which did not reach an absolute record. This had been exceeded in November, at more than 9 dollars. Still, investors do not seem to be betting on a continuation of the evolution of the ARG.
The price has indeed fallen very sharply since yesterday: it has lost -55% in the space of an hour and a half:
ARG price reacts negatively to World Cup win
It is noted that the trend had been initiated in the days immediately preceding the match. Investors therefore probably thought that the price of the ARG would not go higher, victory or not.
👉 Also read – Fan tokens: cryptocurrencies designed for the sports world
Fan tokens, little worn by the World Cup?
So what to take away from all this? First of all, we note that the World Cup was not the long-awaited cornucopia for token fans of national football teams. If we look at their respective progress over the month, the outlook is particularly clear:
- Argentina (ARG) Fan Token Loses -67% Over Thirty Days
- That of Portugal (POR) loses -79%
- Spain’s fan token (SNFT) loses -92%
- And that of Brazil (BFT) fell by -94% over the month
Fan-worn cryptocurrencies therefore not only show great volatility, but they also received a comparatively little boost from the World Cup. It is therefore an area that will probably still have to reach maturity.
👉 To go further – Football, blockchain, cryptocurrencies and NFTs: love f(l)ou
Source: Trading View
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