Affected by Argentina’s 1:2 upset loss to Saudi Arabia in the World Cup, fans sold off their ARG tokens during Argentina’s upset loss against Saudi Arabia.
Crypto partying hard at FIFA world cup 2022
Following the devastating loss of Argentina 1:2 against Saudi Arabia on Tuesday, November 23, 2022, in its debut FIFA World Cup 2022 match, “The Saudis”, the NFT collection, saw the floor price increase by 15%, reaching 0.28 ETH. Meanwhile, the Argentina Football Association Fan Token ARG fell by more than 30% to its lowest point of $4.56, according to the data from CoinGecko.
The unexpected win for Saudi Arabia has resulted in an increased trading volume of The Saudis NFT collection and a higher floor price.
According to OpenSea, The Saudis saw a 1,065% increase in 24-hour trading volume (19 ETH traded). The collection of 5,555 CryptoPunk derivatives of Arabian PFPs is fueled by its “kingdom,” and inspired by Saudi Arabia.
The country is erupting with jubilation at its well-deserved epic win against Argentina.
While for the Losers, the Argentine Football Association Fan Token (ARG), Of all the fan tokens on Socios.com and Chiliz, is the one that has fallen the most in the last 24 hours.
Despite the FTX crisis harming the entire crypto market and the other unfortunate happenings in the past few months for the crypto market, crypto doesn’t seem to be going anywhere, as football matches, an indispensable cultural phenomenon worldwide, now dictate crypto pricing.
The Football fan tokens have remained relatively strong in anticipation of the World Cup 2022.
Fans hyped up as countries launch nation team tokens.
Crypto tokens have become popular in gambling in this year’s World Cup. It’s reported that Chiliz (CHZ), the native token of the Chiliz blockchain that powers Socios.com, the largest sports fan token creator platform, surged 39% in the week before the start of the competition due to fans stirring up a fresh wave of hype over their tokens.
Portugal, Spain, and Brazil have all released their national team tokens. However, because none of these teams has played yet,
(POR) and Brazil (BFT) all declined after Monday and underperformed both bitcoin (BTC) and ether (ETH) which quelled the fan hype.
But it is predicted that the fan token prices will eventually fluctuate depending on the match results.
“Big events often present big opportunities for traders,” Priyansh Patel of Delphi Digital wrote on Monday. “Some market participants begin positioning a few weeks before the actual event to take profits when the event occurs.” The World Cup, he wrote, was no exception and fan tokens “experienced hefty corrections just two days before the event began.”
Critics of the (ARG) fall advised that although the price of the Argentina Fan Token (ARG) dropped because of the team’s loss in its first group-stage match, buying the token could still be a good idea. The Argentina team still has a chance to qualify for the finals, so that the token price can increase.
Argentina is still considered the world’s third-best football team. Saudi Arabia beating Argentina at the FIFA World Cup in Qatar was one of the biggest upsets in World Cup history because Saudi Arabia is considered the 51st-best football team in the world.