Due to the FTX collapse, the entire cryptocurrency industry seems to have met its doomsday. Many think that this is it for the cryptocurrency industry and it will never be able to lift its head higher.
However, a certain group of cryptocurrencies is defying not only the negative sentiments but also the actual market downtrend.
These cryptocurrencies are literally proving that all the crypto market needs are the right push and it would rise again.
Sports Fan Tokens are Surging
When it comes to the sports fan tokens, they seem to have defied the downtrend of cryptocurrencies felt across the industry due to the FTX crash.
As per the Cryptocurrency news website Bittribute, the sports fan tokens have started gaining momentum ahead of the FIFA World Cup 2022 which is to start in Qatar starting Sunday, November 20, 2022.
One of the most prominent and highly adopted sports fan tokens is none other than CHZ, which is issued through the Chiliz blockchain. The particular token is used through the Socios.com platform.
CHZ has Surged 11%
According to recent market data, the trading price of CHZ has recorded a strong momentum. The price of CHZ has reportedly surged over 11% in the past 24 hours.
It is a huge jump for any cryptocurrency given the downtrend that has been witnessed in the overall cryptocurrency market.
Other Fan Tokens Surge as well
Apart from CHZ, the tokens issued for the national soccer teams are also experiencing a boost.
As of now, the two tokens recording a huge influx of investors are for Portugal and the Argentinean national soccer teams. For Portugal, it is the POR fan token and for Argentina, it is the ARG fan token.
The reason for the strong rallies on these two assets is because of the high chances of both teams testing each other out in the FIFA World Cup 2022 Finals.
There are many who are hopeful that these two teams would be up against each other in the current FIFA World Cup. Therefore, the interest level for POR and ARG is off the charts.
FanMarketCap, a major tracker for fan tokens has revealed the surges recorded by both assets.
The platform has revealed that the POR fan token has surged 15% in the past 24 hours. The same token has recorded a more than a 50% surge in the past 7-days.
As for the ARG fan token, it has recorded a 10% rally in the past 24 hours. As for the past 7-day statistics, it has recorded a 28% rally.
In the past 24 hours, the total valuation of the fan tokens has surged 11%, coming up to a high of $399 million.
According to the analysts, the values of the fan tokens would continue fluctuating based on the performances of each team in the FIFA World Cup 2022.