Argentina’s Fan Token Drops 25% After Defeat To Saudi Arabia
The devastating loss of Argentina’s World Cup team to Saudi Arabia in 2022 has impacted ARG Fan Tokens as well.
ARG is the Argentinian football team fan token made available through a collaboration with Socios. Despite a 23% decline on November 21, when trading at $7.2, the excitement has rotated. The match between Argentina and Saudi Arabia at the 2022 World Cup is still significantly boosting the market for this token.
However, the earthquake struck, and the renowned Lionel Messi and his teammates were absolutely defeated by a brave Saudi Arabia, with the final score 2-1 in favor of the land of a thousand and one nights.
Unfortunately, the ARG token, which the community predicted for the Argentine team, collapsed following that, plunging more than 30% to a low of $4.96 before recovering and trading at $5.53 at the time of writing.
Furthermore, Socios’ “pet” Chiliz (CHZ) had to be sold off as well. Since generating a “crazy” rise ahead of the 2022 World Cup, owing mostly to community energy, the aim of Chiliz Chain 2.0 (CC2) – the project’s new layer 1 blockchain – and greater activity With more employees to build the company, CHZ seemed to have been “out of breath” as the world’s most enticing sporting event officially began.
CHZ has declined at an equally rapid rate, reaching a low of $0.1675 in four trading days, similar to ARG, after reaching a peak of $0.27 in just about a week.
While the Argentinians strive to heal their wounds, NFT investors are engrossed in the Saudi NFT – a group of NFTs unrelated to the Saudi government. The NFT average floor price has grown by 35% in the last 24 hours, according to Nansen’s analysis. Meanwhile, trading volume increased by over 700%.
Notably, Argentina is one of only two international teams, along with Portugal, of superstar Cristiano Ronaldo, who just unveiled the NFT collection in collaboration with Binance on November 18, giving tokens for supporters.
Token POR increased somewhat today, indicating a strong indication of support from the fan community for Portugal’s first match against Ghana on November 24. However, traders should exercise caution before making investment selections because the price swings of fan tokens such as ARG or POR are strongly dependent on the results of the teams’ matches.
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