As Argentina erupted last night to celebrate their impressive victory led by Messi in the FIFA World Cup Finals, the nation’s national soccer team crypto experienced a continuous decline since the final whistle.
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$CHZ pic.twitter.com/xNR0qJqlCI
— Socios.com (@socios) December 18, 2022
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Are Soccer Fans Dumping the Champions’ Coin?
It appears that many crypto holders might have dumped Argentine Football Association Fan Token (ARG) in the last 24 hours. According to some crypto analysts, it’s a “buy the rumor, sell the news” situation. Allegedly, the heaviest whales are taking out liquidity, thus causing the decline in ARG market price.
At press time, Argentine Football Association Fan Token (ARG) is priced at $2.94, according to CoinGecko. The 804th-ranked soccer altcoin drowned in a bloodbath of 49.5%, also shrinking twice in its market capitalization, getting cut in half from $22M to $11M in just 24 hours.
Vamos Argentina!
Despite its victory against France at the #FIFAWorldCup, $ARG is down 52.1% today. The token initially fell to $3.81 during the match, but recovered slightly at the end. However, it has continued to decline since then.
: https://t.co/fDiq7Dh6Kb pic.twitter.com/4YqV5RM3cB
— CoinGecko (@coingecko) December 19, 2022
The soccer-related blockchain Chiliz (CHZ) went through a similar deficit in the last 30 days, having shrunk from $1.37bn to just $622 million today.
Further on, the FIFA World Cup 2022 controversy saw Qatari authorities drowning in legal complaints filed by FIFA during the tournament. The legal incidents and discontentment from soccer fans in Doha’s fan zones eventually resulted in the altcoin powering the soccer fan platform Socios.com losing 57.2% of its value in the last 30 days.
At press time, CHZ trades at $0.116007, falling by another 6.5% in the last 24 hours. Moreover, the European soccer token dropped out of the TOP 50 by global market cap, sending CHZ back to May levels when Terra (LUNA) and Terra (UST) crashed, which sent the whole crypto market on a downward slope.
I’ve been here with @Chiliz since 2019 and you still have my full trust. $CHZ is different! No matter if the price goes up or down. #CHZ still builds!
https://t.co/63qtLyKTce
— Stevie-T
(@StevieTIota) December 19, 2022
On the Flipside
- Despite plummeting market value, Chiliz (CHZ) is ready to launch Chiliz 2.0, the upgraded version of the sports blockchain.
Why You Should Care
Partnerships between cryptocurrency companies and soccer teams have scooped up over $300 million in market value. The niche market is expected to grow to a whopping $5 billion in about ten years.
Find out what’s happening between soccer and crypto:
Manchester United Gifts First-Ever NFTs to Fans As It Plans Web 3.0 Entry on Tezos (XTZ)