EURO 2024 Started, These Tokens Experienced Mass Decline

The 2024 European Football Championship (EURO 2024) did not provide an expected benefit to football-related fan tokens.

The sports category in the cryptocurrency market showed one of the worst performances among other categories over the past week.

General decline in football coins

The Block's Sports Token Index, which tracks fan tokens issued for Europe's leading football clubs, was one of the worst charting indices last week.

Since EURO 2024 started on June 14, the total market value of football altcoins has decreased by approximately 13%.

This index includes cryptocurrencies issued for league teams, not the national team. However, the EURO tournament, which takes place every four years, was expected to strengthen these cryptocurrencies. These expectations seem to have not been met for now.

The overall market decline continues

The poor performance of football coins may be due to the incoming downtrend seen in the cryptocurrency market.

According to CoinGecko data, the price of Bitcoin (BTC) has increased by 10.4% in the last 14 days; Ethereum (ETH) price fell by 5%. According to Coinglass, positions worth more than $1 billion were liquidated in this process.

Cryptocurrencies linked to football, however, suffered a greater loss compared to major cryptocurrencies such as Bitcoin and Ethereum.