Fan token spikes 40% above during the week even though the market is full of red

In times of stress and uncertainty, sports entertainment has become a valuable outlet for people around the world as they have the opportunity to mingle with their favorite players and teams to forget about the stresses of life and worry in reality. Amidst the ongoing market volatility and declining crypto prices, sports fans can rejoice as many Fan tokens climbed the mountain on May 18, marking an increase of 40% or more.

In the midst of the declining market volatility with most altcoins “bleeding” before the bad situation from Bitcoin (BTC), the wave of token fans suddenly returned, with the majority of projects in this segment recording growth simultaneously up to triple digits in the last 7 days.

The biggest impetus for this breakthrough comes from new developments from Chiliz, the “backbone” project of Socios – the leading fan token issuance platform today. Essentially, the majority of fan tokens currently on the market are done through Chiliz, with the native token CHZ serving as the primary currency in Socios.

On May 17, Chiliz revealed the launch of Jalapeno, phase 2 of the Scoville testnet, as part of the broader launch of the Chiliz mainnet.

Some of the new features that will be tested in phase 2 include the launch of PepperSwap, which will offer a decentralized exchange (DEX) and Fan token test surveys, allowing holders to start participating participate in surveys and vote governance on the protocol.

Finally, users will be able to interact with the Fan token community and vote on the developments they would like to be implemented for that club through token surveys, which is one of the features. capabilities that many early investors are interested in.

Listing on BitPanda could be another reason for Fan tokens to increase in price. According to the exchange’s Twitter, at least 7 tokens were listed on May 18, including PSG, ATM, SANTOS, PORTO, BAR, CITY, and JUV.

Another factor driving the price of Fan tokens is Chiliz burning a portion of the circulating supply of Fan tokens based on the results of live matches between clubs. Chiliz’s token burning program, titled “Head2Head,” affects the project’s token value over time by helping to reduce the circulating supply, leading to an increase in price if demand persists.

In addition, Socios knows how to position its number one brand in the world of sports and creates a variety of strategies to promote a large wave of fan tokens in various regions through the partnership with 13 American Football League (NFL) teams as well as expanding the blockchain “playing field” to Major League Soccer (MLS).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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