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World Cup Win Not Enough To Save Argentina Fan Token From Losing 50% In Value

Christian Encila
Christian Encila
2 years ago
3 mins read
World Cup

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After beating France in the dramatic final of the 2022 Soccer World Cup in Qatar on Monday, Argentina won its third world title. The win that Argentina achieved is destined to go down in history as a momentous event.

But, despite the dramatic victory, the country’s fan token ARG shed nearly half of its value, trading for as low as $2.68 from over $6, down 24% in the last 24 hours, data from Coingecko shows.

The European soccer token lost 49.5% of its value. market cap likewise decreased by half – from $22 million to $11 million over the same timeframe.

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ARGENTINA ARE WORLD CHAMPIONS!! 🇦🇷#FIFAWorldCup | #Qatar2022

— FIFA World Cup (@FIFAWorldCup) December 18, 2022

World Cup Win Fails To Kickstart ARG Price

The reduction in the value of the crypto asset is unexpected, as holders anticipated the victory would boost ARG’s valuation.

ARG lost approximately 30 percent of its value in the first few days of the competition after Argentina’s shocking loss to Saudi Arabia.

ARG, a token issued via the consumer-facing platform of Socios.com that offers its owners an increased fan interaction with the Argentine squad, had earlier rallied on major victories, such as the semi-final match against Croatia.

ARG was introduced in July 2021 and surged above $9 on November 18 — two days prior to the start of the World Cup. It has dropped roughly 70 percent from its all-time high since then.

Meanwhile, ARG’s price performance after the World Cup is comparable to that of other fan tokens. The majority of them were in the red zone over the last 24 hours.

Chart: FanMarketCap

Fan Tokens Wash Up In Crimson Tide

According to data from FanMarketCap, majority of the top 10 fan tokens were down in the 24-hour and seven-day timeframes. ARG, at No. 8, has lost 24.45% of its value in the last week.

Fan tokens are a unique form of cryptocurrency that grants access to a variety of fan-centric activities. Activities that involve fans include voting on certain club choices and receiving special match ticket discounts, and other such things.

Fan tokens were initiated by prominent sports clubs such as AC Milan, Santos FC,  Inter Milan, and FC Porto, etc. During the COVID-19 shutdown, fan tokens grew in popularity.

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Due to pandemic regulations, it was difficult ffor sports organizations to obtain cash in any other way and these fan tokens provided a stream of revenue.

Held every four years, the World Cup is the most watched and followed single sporting event in history, and it also happens to be the most prestigious football tournament on the planet.

Given its history of extreme volatility and unpredictability, even in its response to Argentine national football team performances, it is difficult to predict the future of the ARG coin.

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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