JAKARTA - The performance of the crypto market this week looks sideways, even though it is currently recovering after the domino effect of the FTX bankruptcy. In the midst of a sluggish market, investors are starting to switch and are interested in crypto tokens related to the 2022 FIFA World Cup.
According to Tokocrypto Trader, Afid Sugiono, positive sentiment is pushing the altcoin associated with the biggest soccer party to rally and look bullish.
"Ahead of the 2022 World Cup, it seems that investors are starting to accumulate altcoins related to the event, such as Fan Tokens from participating countries. Investors seem to be switching from BTC or ETH accumulation, to Fan Tokens to make profits," explained Afid in a statement which received in Jakarta.
CoinMarketCap data shows that the top four Fan Token participating countries in the 2022 World Cup have surged to double digits in the past week. In fact, some of them have just reached their highest price or all-time high (ATH).
In first place is the Brazil National Football Team Fan Token (BFT), which has increased 15.71% in the last week to reach USD 1.02. Then, the Argentine Football Association Fan Token (ARG), rose 17.68% and successfully achieved its ATH two weeks ago at USD 8.12.
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Next is the Portugal National Team Fan Token (POR), which is up 29.53% at a price of USD 5.84. In fourth place is the Spain National Fan Token (SNFT). At the time of writing the price is up 33.91% in the last seven days to US$ 0.5037.
"Besides the Fan Token, the Chiliz crypto (CHZ) is likely to have a bullish impact from the World Cup. Many Fan Tokens are on the Chiliz blockchain, so they will join the rally with Fan Token in their network," said Afid.
According to Afid, Fan Token is in great demand because it has benefits for fans to be involved in managing club management and various decisions and the future of their favorite team.
“The more Fan Tokens a fan has, the more influence he has and that shows how loyal he is.” he concluded.
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