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Soccer Fan Tokens Drown as Group Stage of FIFA World Cup Nears Culmination

Cryptocurrency Dec 02, 2022 01:00PM ET

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Soccer Fan Tokens Drown as Group Stage of FIFA World Cup Nears Culmination

As the final match day of the group stage in Qatar is ready to kick off this Friday afternoon, the most popular national soccer team fan tokens are still on a strong bearish trend. To illustrate, Spain’s surprise loss to Japan yesterday didn’t stop them from advancing to the playoffs. However, Spain National Football Team Fan Token (SNFT) took a beating, as it’s down by 25.7% since the final whistle.

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In Spain without the S...
— CoinGecko (@coingecko) December 2, 2022

Brazil & Portugal Face Deficit on Match Day

As soccer fans are waiting for the evening competition between Brazil and Cameroon, the guaranteed playoff spot for Brazil doesn’t reflect the Brazilian national team’s token price. At press time, Brazil National Football Team Fan Token (BFT) is priced at $0.189748, according to CoinGecko. Marking an eye-watering 20.7% deficit over the last 24 hours, Brazil’s national crypto is sobbing with 64.4% in the red since last week.

On the other hand, Portugal is getting ready to take on South Korea and, like Brazil, has also guaranteed themselves a playoff spot. However, Portugal National Team Fan Token (POR) is already down by 6.1% in the last 24 hours. To add, the Portuguese team’s crypto is suffering a 33% weekly shortfall and is a whopping 48% in the red since the start of the World Cup. At press time, POR trades at $2.94, according to CoinGecko.

1. Portugal’s fan token, $POR is lacklustre despite Portugal’s 2-0 win against Uruguay. It is down from a seven-day high of $5.13 to $3.33 as of writing, down 35%.Source: @coingecko #FIFAWorldCup pic.twitter.com/Beu1lAUMHW
— The Chainsaw (@chainsawdotcom) November 30, 2022

On the Flipside

In spite of the strong bearish trend in soccer fan tokens, more crypto platforms are listing soccer-related crypto.
For instance, Poloniex, one of the oldest crypto exchanges, announced the addition of Spain, Brazil, and Peru national team tokens starting 5th December.

Why You Should Care

According to a recent survey by KuCoin, 70% of crypto enthusiasts are following the FIFA World Cup. Besides, half of them are investing in soccer-related tokens.

Find the latest soccer-related crypto news:

Chiliz (CHZ) Presents Chiliz Chain 2.0 Despite Soccer Fan Token Slump

Binance Launches Football Fever NFT On The Eve Of FIFA World Cup 2022

See original on DailyCoin

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