ARG Token Skyrockets As Argentina Advances To Copa America Final

ARG token skyrocketed as Argentina advanced to the Copa America final (Photo; Doc. Inside World Football)

JAKARTA - Argentina managed to reach the final of the 2024 Copa America, and the impact was felt on the Argentine Football Association (ARG) fan token market. The value of the ARG token experienced a significant spike, with trading volume soaring more than 500% in the last 24 hours. This makes ARG one of the biggest football tokens by market value.

According to data from CoinGecko, the price of ARG tokens rose by 98.8% in the past week, reaching 2.34 US Dollars (around Rp37.884) per token. This is the highest level since May 30. At the time of writing, the price of ARG tokens was at 2.34 US Dollars, an increase of 67.8%. Enthusiasm around Argentina's performance in the Copa America is the main driver of this increase.

The daily trading volume of ARG tokens is also impressive, reaching 23.8 million US Dollars (385 billion). This is almost four times higher than the trading volume of Paris Saint-Germain fan tokens, which previously held the title as the largest football token by market value.

However, this trading volume has not yet reached an all-time high, namely 32.4 million US Dollars (around Rp524 billion) which occurred ahead of the 2022 World Cup in Qatar, where Argentina also won. At that time, the value of the ARG token reached a high of 9.1 US Dollars (around Rp. 147,329).

In addition to the ARG, fan tokens of the Spanish National Football Team (SNFT) also increased by 10% after Spain's victory over France at the European Championships. On Tuesday, Spain's 2-1 victory saw the price of SNFT rise from 0.023 US Dollars (around Rp372) to 0.026 US Dollars (around Rp420).

The ARG token was published by the Argentine Football Association through the Socios.com platform in 2021. The platform is supported by Chiliz blockchain technology. ARG token holders have exclusive access to various team activities, VIP experiences, and other services. In fact, they can meet team players in person and visit the Estadio Monumental, a historic soccer stadium in Buenos Aires, Argentina.

According to Crypto Potato information, on Monday, rapper Drake revealed on Instagram that he had been betting against Argentina's Football National Team. Prior to the match, Drake set a bet of 300,000 US Dollars (approximately IDR 4.8 billion) in Bitcoin, with the prediction that the Canadian Football National Team would beat the World Cup winner 2-1.

However, Drake's bet didn't work, as Argentina managed to beat Canada in the Copa America. After the win, the Argentine Football Association's social media accounts even took the opportunity to mock the rapper, referring to the satire Sanjay Lamar "Not Like Us."