Token fans seem to have been spared the ambient gloom that reigns in August. Why are the cryptocurrencies of PSG, Juventus or Alpine F1 so popular?
Fan token prices continue to rise
It has not escaped anyone, the prices of the main cryptocurrencies have been struggling since the beginning of the summer, and the markets do not have much to excite. Bitcoin (BTC) had valiantly attempted to permanently cross the symbolic bar of 25,000 dollars in the middle of August, but its price has since fallen.
But not all tokens undergo this summer idleness. If we look at fan tokens, i.e. those representing sports teams, we see that they continue to arouse enthusiasm. According to data from CoinGecko, it is unsurprisingly the tokens of football teams that show the highest volumes and progressions.
This Monday, the most capitalized token is that of Santos FC (SANTOS), which grew by +121% over the week. It is followed by that of FC Porto (OPORTO), which saw its price soar by +62% over the week. Then follows the token of the Lazio Roma (LAZIO), with +68%. The cryptocurrency of PSG and that of FC Barcelona close the top 5, with more measured increases (1.64% and 4.31% respectively).
It is football-related cryptocurrencies that are almost exclusively affected. But we also note that the Binance fan token based on the F1 Alpine team, the ALPINE, also experienced a clear breakthrough last week with +23%.
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A sector that will continue to explode?
The capitalization of fan tokens listed on the FanMarketCap aggregator amounts to 421 million dollars this morning. It is a still small part of the total market cap of cryptocurrencies, but which is progressing. Over a month, it actually took nearly +100%which shows that the trend is spread over several weeks.
How to explain these performances? First of all by the nature of these tokens, which exist slightly on the margins of the “classic” cryptocurrency market, and reach a wider audience. They play on the enthusiasm of football fans for their teams, a good way to generate excitement.
Next, the meteoric rise of the Socios.com platform (Chiliz) of course has its role to play. Several news came to support his breakthrough. In early August, we learned that FC Barcelona had sold 25% of the shares of Barça Studios to Chiliz (CHZ) for 100 million euros. Moreover, the platform has just been approved in Italy. Token fans therefore undoubtedly still have a bright future ahead of them.
👉 Read also – Blockchain game Sorare partners with Lega Serie A, Italy’s top football division
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