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These Cryptocurrencies Pump on Eve of FIFA World Cup: Details

Fri, 11/04/2022 - 14:30
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Gamza Khanzadaev
As fan tokens surge double-digits ahead of the World Cup, here's what you should know about them
These Cryptocurrencies Pump on Eve of FIFA World Cup: Details
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On the eve of the World Cup, held this time in Qatar and therefore taking place from November to December, a number of cryptocurrencies attached to the national teams received a boost in their quotations.

According to CoinMarketCap, for the last seven days, the prices of the tokens of the national teams of Argentina and Portugal experienced the greatest rise, not least, of course, due to the presence of two superstars of soccer in recent decades, Lionel Messi and Cristiano Ronaldo. So, ARG's price increased by 38.7% over the last week, while POR's price increased by 32.2%.

ARG to USD by CoinMarketCap

An additional trigger for these tokens could be the fact that they were issued by Chiliz and promoted by Binance at the same time. In addition, the Argentine national team has the exchange as a primary sponsor.

Who else is affected by World Cup hype?

Smaller, but still double-digit, growth was shown by the quotations of the Spanish national team token, SNFT, which rose by 16.5% over the period under review. Then there are the cryptocurrencies of the two South American national teams, Peru and Brazil. Despite the star-studded line-up of the latter, with Neymar at the helm, BFT quotations are up just 5%, while FPFT is up more than 8.2% in the last seven days.

In addition, the price of the Chiliz token, CHZ, has already risen by 27.5% in recent days. Whether the positive trend in the price of tokens affiliated with the sporting event will continue will be known closer to Nov. 20.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.