Football Fan Token Perseveres Despite Crypto Winter
Soccer Fan Tokens have endured a hard time lately, with several of the major ones suffering double-digit weekly losses. Despite the chilly climate in the crypto market, a Football Fan Token has managed to brave the storm. Just two days away from the 2022 FIFA World Cup final, Chiliz (CHZ), the company’s native cryptocurrency, has been knocked out of the TOP 50 based on total market capitalization.
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width :550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Helvetica,Arial,sans-serif}.tweet- container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }
The $CHZ has dropped 45% from its peak on November 19. The price went down to $0.15, which is a key support level. If we don’t bounce, we could be back in the May To August range. #CHZ #ChiliZ pic .twitter.com/3cf1kKAwb6
— Crypto Santa (@Blockchainsanta) December 8, 2022
Can Chiliz (CHZ) Reestablish Key Support Level
CHZ has been unable to hold up against the unforgiving crypto winter, and it has lost the vital multiyear resistance level at $0.15. At the time of writing, the #155 soccer-related altcoin trades at $0.136639, according to CoinGecko. The altcoin that drives the majority of other European soccer fan tokens has fallen 4.4% in the last 24 hours, and a staggering 10.9% in the last 7 days. CHZ has been in the red for 30 consecutive days, with a deficit of 38.8%.
Meanwhile, the official sponsor of the 2022 FIFA World Cup, Algorand (ALGO), isn’t doing much better. The CoinGecko ranks 32nd in soccer-related crypto at $0.204030. The price has declined 9.1% over the last 24 hours, and an alarming 28% in the last 30 days.
(ObviouslyBut it doesn’t end at zero. It’s (A figure of speech.
— Alexandre Dreyfus (@alex_dreyfus) December 15, 2022
Argentinian Fan Token (ARG) Surges Before the Final
Coming as good news to soccer fans, not only did Argentina make it to the 2022 World Cup Final to face off against defending champions France, the country’s native soccer cryptocurrency has made significant progress in just one day. The Argentinian Football Association (ARG) Fan Token is currently priced at $6.78, representing a substantial surge in price over the past 24 hours. The Argentine National soccer tokens have skyrocketed 34% since yesterday, and are up 153% in seven days. The Latin American country is cheering for Messi’s team in hopes of winning the title.
Will $ARG reach new heights before the @FIFAWorldCup final? My #Token has been placedArgentina #FanToken pic.twitter.com/cVzUyLeand
– Ferenc (@ferenc_xyz) December 16, 2022
On The Flip Side
- Despite the sharp decrease in the market price, CHZ plans to launch an updated version of its soccer-related product Chiliz 2.0 blockchain.
Why Care?
Football has had a major effect on the crypto market. Multiple blockchain companies have closely partnered with FIFA and major European Clubs to promote soccer. For instance, CryptoFIFA.com is the Official Sponsor of the FIFA World Cup. The FIFA+ NFT marketplace, meanwhile, is powered solely by Algorand (ALGO).
Read Here are the most recent crypto stories related to sports:
Binance releases Football Fever NFT on the eve 2022 FIFA World Cup
FTX Contagion in Sports: Teams Athletes race to end FTX contracts
