Fan tokens of football clubs like Barcelona and Manchester have made a comeback with 262% weekly gains in OG coin.
Lawyer Liu Yang told Chinese journalist Wu Shuo that Hong Kong-based trading circles are likely driving the price rally in fan tokens.
Similar traders were involved in the release of OKLink’s stablecoin USDK and Tornado Cash’s TORN price rally.
Fan tokens or digital assets that offer exclusive benefits to fans of football clubs have yielded double-digit gains to holders over the past week. OG Fan token (OG) offered 262% gains to holders over the past week alongside Manchester City Fan Token (CITY), FC Barcelona Fan Token (BAR) and Juventus Fan Token (JUV).
Wu Shuo, a Chinese journalist reported on the massive price rally in OG Fan Token that yielded 262% gains for holders over the past week. The rally in OG triggered a large-scale interest spike in fan tokens of Football clubs, such as CITY, BAR, and JUV among others.
The total market valuation of these tokens increased by 16.2% over the past week
What is driving the price rally in fan tokens?
Lawyer Liu Yang told journalist Wu Shuo that the rally may be related to the behavior of trading circles. Yang noted that the people involved in the trading circle are related to the platform OKLink that was engaged in releasing the stablecoin USDK of the platfor
Similar traders operated Tornado Cash’s TORN token and lawyers warned users to be aware of risks involved in short-lived price rallies. The gains in fan tokens are likely to be unsustainable with the involvement of a small group of traders that fuel rallies in different tokens.
