Soccer Cryptos Drop Ahead Of 2022 FIFA World Cup Qatar
✍️ 11 October, 2022 - 15:22 👤 Editor: Jakub Motyka
- Fan tokens have experienced a surprise drop on the eve of the World Cup in Qatar.
- Despite their popularity, their market trend looks bearish.
- What will happen to this type of tokens in the long run?
Sports cryptocurrencies have experienced a drop just 40 days before the start of the Qatar World Cup. The well-known club coins, among them, some of the most important in the field, have started to lose market value. All of this comes just three days after Binance announced the entry of other fan tokens into cross-margin and isolated-margin.
Binance has been adopting more and more tokens of this type, also adding a way to calculate their value. Earlier this year Binance introduced the “Football Fan Token Index”, which calculates the value of each coin following a formula. As stated by the platform, this measure "Averages the real-time value of the fan tokens in the index, publishing in the Binance Spot market, denominated in the form of USDT". However, according to Rekt Fencer, founder of X DAO, its sudden drop is due to “market manipulation”.
What Is The State Of The Main Sports Tokens?
The crypto winter has affected all cryptocurrencies equally, however, it is the coins with the highest capitalization that have suffered the worst impact. According to data taken by CoinMarketCap, the most affected coins are Santos FC Fan Token (SANTOS), Lazio Fan Toke (LAZIO) and FC Porto Fan Token (PORTO). These tokens are the ones with the highest market value, consequently, have experienced the sharpest drop.
SANTOS, the most expensive cryptocurrency of the three, has suffered a drop of 8.1% in the last 24 hours. On the other hand, LAZIO has fallen 11% and has been in a downtrend for the past few months. Finally, PORTO fell from the top 1000, with a drop of 11%, however, it has a deficit of 33.3%, being the token that has fallen the most among the three mentioned.
What Are Fan Tokens?
Fan tokens, in general, are assets created by clubs for fans, through which they can have exclusive products and services. Hand in hand, some allow them to vote and actively participate in the activities of their favorite clubs. Thanks to this type of cryptocurrency crypto-adoption has expanded in various markets more quickly, this being one of the largest today.
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