Excitement surrounding the World Cup kicks up interest in football Fan Tokens.
Football fans everywhere are getting ready for the FIFA World Cup 2022, and with all that pent-up anticipation, the popularity of Fan Tokens and sports crypto tokens has increased. Sports blockchain provider Chiliz (CHZ), in particular, has produced a double digit increase in both its’ daily and weekly chart.
In the last 24 hours, the price of Chiliz (CHZ) has increased by as much as 15% since sports and fan tokens are leading a fresh wave of a trend reversal in the cryptocurrency market despite a broader market dip.
Chiliz Market Cap
Currently, CHZ is changing hands at $0.2251, which is up 15.7% in the last 24 hours and up 24.56% over the past seven days, according to data retrieved by Finbold from CoinMarketCap. Meanwhile, the Market Cap of Chiliz is $1.33 billion, an increase of $230 million since October 24th, when it was at $1.10 billion.
Given the surge in price over the last day, Chiliz leads the top 100 cryptocurrencies by market cap in gains, followed by Trust Wallet Token (TWT) in second place with a 6.03% gain and Quant (QNT) in third with 4.55%.
Chiliz near term performance Outlook
The beginning of the FIFA World Cup 2022 in Qatar is set to start on November 20th, and already 21 days before the event, sports clubs and fans have been ramping up their activities.
Chiliz is a tokenized platform that aims to give sports fans closer engagement experiences with the sports leagues and teams they love and follow most closely. It is anticipated that the performance of tokens such as CHZ will exceed that of other altcoins and meme coins as the FIFA World Cup 2022 approaches.
Portugal and Argentina Fan Token prices surge ahead of the World Cup
The excitement around the FIFA World Cup 2022 has fueled a boom in fan tokens and other cryptocurrencies connected to sports. These assets have been at the forefront of cryptocurrency rallies and some of them have provided holders with enormous returns.
The Argentine Football Association Fan Token (ARG), is up 23% in the last 24 hours, while the Portugal National Team Fan Token (POR) has increased 18.46%. Both national teams of these fan tokens will participate in the World Cup.
In light of the fact that the price of Bitcoin (BTC) may be preparing for a test of support at $20,000 and that BTC supremacy is dwindling, this may present a chance for traders to purchase fan tokens at a reduced price in advance of this popular event that will start on November 20th.
However, there is also the possibility of a significant decline in these alternative cryptocurrencies as traders finish profit-taking and the football frenzy dies down.
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