The Moroccan national team created a surprise by qualifying for the quarter-finals against Spain at the FIFA World Cup. And this has caused a reaction even in the cryptocurrency sector. The cryptocurrency linked to the Spanish team, the SNFT, thus unscrewed in the space of a few minutes.
Spain’s fan token plummets after World Cup loss
Morocco won against Spain 3-0 on penalties, in a game that turned out to be more contested than expected. This in turn has a direct impact on the crypto Spain National Fan Token (SNFT)which saw its course unscrew immediately after:
The price of the SNFT took a dive yesterday
In total, Spain’s fan token lost -63% within half an hour, coming to touch 0.03 dollar. It should also be noted that the price of the SNFT had already begun a substantial fall. Within a month, he divided his value by 10.
👉 Learn more about it – Fan tokens: cryptocurrencies designed for the sports world
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Token fans struggling to convince?
This is also a more widely observable trend. While the World Cup could have revived interest in fan tokens, rather the opposite happened, in a particularly gloomy context for the cryptocurrency ecosystem. According to data shared by CoinGecko, the cryptocurrency of Argentina team fans fell by -29% over the week, and that of Portugal saw a similar drop at -31%. Those who bet on a renewed interest in this type of cryptocurrency will therefore not have been right, the trend being generalized for token fans.
The latter have sometimes come under criticism, because of the speculative aspect that could, according to commentators, “trap” enthusiastic fans. As we have seen here, major events are in no way a guarantee that the price of tokens will progress. Those who bought their national team’s fan tokens in preparation for the World Cup could therefore find themselves in trouble.
👉 To go further – Football, blockchain, cryptocurrencies and NFTs: love f(l)ou
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Sources: CoinGecko, TradingView
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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