Coinspeaker ARG Fan Token Skyrockets as Argentina Enters Copa America Finals
Argentina has secured their place in the finals of the Copa America soccer tournament, leading to a significant increase in the market value of the team’s fan token ARG. According to CoinMarketCap, the price of the Argentina Football Association’s cryptocurrency has surged by 66.03%, reaching $2.33 in the past 24 hours. This marks the token’s highest level since May 30, when the digital asset was trading at $2.44.
The market capitalization of the ARG token has skyrocketed to $27.83 million, making it the second-highest-valued soccer fan token, after the Paris Saint-Germain Fan Token (PSG). It is important to note that ARG is trailing behind its peak of $32.4 million witnessed during the leadup to the 2022 Qatar World Cup, which Argentina won.
The Argentine Football Association partnered with Socios.com, a fan-engagement platform powered by the Chiliz blockchain, to issue the ARG token in 2021. Chiliz.net serves as the trading platform for sports and entertainment tokens. As reported earlier, in order to increase the adoption of fan tokens, Chiliz also recently partnered with Alchemy Pay. The goal of the collaboration was to allow users to use fiat channels such as Visa, Mastercard, local mobile wallets, and bank transfers to purchase fan tokens.
The remarkable performance of the team is being celebrated in the digital asset sector as well–an example of how two distinct industries can find an intersecting utility. Fan tokens are cryptocurrencies that represent a specific team or a club. The success of the team translates into the success of the digital asset.
The top five largest fan tokens other than the above two include FC Barcelona Fan Token (BAR), trading at $1.95, up 2.5%; Manchester City Fan Token (CITY), trading at 2.24%, up 3.18%; and AS Roma Fan Token (ASR), trading at $2.51, up 15.26%. The total market cap of the fan token sector stands at $323 million with a 24-hour trading volume of $110.7 million.
ARG Fan Token Activity
Notably, the ARG fan token surged a whopping 94.32% in the past seven days, outperforming the broader crypto industry. ARG has become the most actively traded fan token, with a 24-hour trading volume of $23.23 million. This volume is nearly three times that of the PSG token whose trading volume is $8.7 million.
The ARG-Turkish lira (ARG/TRY) pair on the centralized exchange Paribu has dominated trading activity, accounting for 88% of the total volume over the past 24 hours. In contrast, the ARG-chiliz token (ARG/CHZ) pair on Chiliz.net has contributed a mere 0.16%.
Photo: TradingView
As clear from the chart provided by TradingView above, the ARG token formed two huge bullish candles. The volume has also surged significantly. The Relative Strength Index (RSI) for the ARG price action reads 77 which confirms that the buying pressure is immensely high and the cryptocurrency is currently being overbought.
After Argentina guaranteed their spot in the Copa America soccer competition finals, ARG token shot up from $1.116 to reach a high of $2.445. Right now Argentina is defending their championship and additionally volatility in the digital asset’s price can be expected.
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ARG Fan Token Skyrockets as Argentina Enters Copa America Finals
