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.
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.
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.
Crypto total market cap still below the $800 billion mark today | Chart: TradingView.com
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.