As Lionel Messi’s team surprisingly loses to Saudi Arabia, its fan token loses one-third of its capitalization in no time
The Saudi Arabian national soccer squad shockingly defeated Argentina in their first game, thanks to an amazing second-half comeback. Here are some potential advantages for some crypto users.
Argentina’s ARG Fan Crypto Plunges by 36% on First FIFA World Cup Sensation
The much-discussed Qatar 2022 FIFA World Cup saw its first major upset on November 22, as Argentina fell to Saudi Arabia 2:1.
FULL-TIME IN LUSAIL
🇸🇦 Saudi Arabia 2-1 Argentina 🇦🇷#KSAARG pic.twitter.com/q5n3nI9eBu— Saudi National Team (@SaudiNT_EN) November 22, 2022
Leading teams are participating in this tournament for the first time using newly launched “brand” cryptocurrency. For instance, the Socios app has supported Argentina’s ARG coin since May 2021. Saudi Arabia’s sad defeat utterly destroyed the fan token ARG: its price fell from $7.56 to $4.80 in less than two hours on the main spot trading platforms.
The local soccer association has nothing to do with the assets that were immediately launched on BNB Chain with a Saudi Arabia theme and they shouldn’t be regarded as official fan tokens.
Socios app on Chiliz (CHZ) blockchain is providing ARG tokens. It is accessible on nine centralized cryptocurrency exchanges, including powerhouses OKX and Gate.io, in addition to Chiliz. Trading fan tokens during the FIFA World Cup 2022 will therefore be advantageous for customers of these exchanges. Users of cryptocurrencies appear to have already begun experimenting with this tool.
ARG token trade volume reached a record high today, increasing by almost 100% in a single day.
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