Manchester City Fan Token (CITY) Soars 75% Hours After Binance Listing Announcement

1 min read

Binance, the world’s largest crypto exchange by trading volume is adding two altcoins to its platform.

In the announcement, Binance says it’s listing the Manchester City Fan Token (CITY), a community token for the English Premier League football powerhouse. The second coin to be included is Ethereum Name Service (ENS).

Immediately following the Binance announcement, the CITY price surged from $14.50 to $25.45, for a gain of 75% in just a few hours.

Binance says of the altcoin,

“Manchester City Fan Token (CITY) is a utility token that gives Manchester City Football Club fans a tokenized share of influence on club decisions using Socios, a fan engagement and rewards platform for sports and entertainment organizations.”

CITY is built on the Chiliz blockchain, an Ethereum-based blockchain that powers sports-focused fan engagement platform Socios.com. Holders of the utility token will have access to project governance, rewards and staking. Other Premier League clubs that have launched their Fan Token on Socios.com include Arsenal, Everton, Aston Villa and Leeds.

The token’s price has cooled off since its initial surge, sitting at $16.68 at time of writing.

Binance is also making Ethereum Name Service (ENS) available to its users. Ethereum Name Service allows people to mint non-fungible tokens (NFT) that can be linked to Ethereum addresses and web domains.

According to the project’s website,

“The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.

ENS’s job is to map human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.”

ENS more than doubled in price to a new all-time high of $85.19 as word began to spread, and is now valued at $79.29, making it the 122nd-largest crypto by market cap.

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