In the midst of the fall of cryptocurrencies, which seem to have lost their small uptrend, only one Altcoin was trading positive. That Altcoin was the Fan Token of Santos FC, one of the most important football clubs in Brazil. While Bitcoin and Ethereum lost 9% yesterday, the EUR/USD pair had increased by 200% in 24 hours.
Santos FC fans are characterized by their loyalty to the club that has lifted 8 club cups of their country. And expectations indicate that after the start of the season, they will be the favorites. In the case of fan tokens, there are often atypical behaviors with respect to the market due to particular factors of the fans of the club or organization that issues the token.
The main reason for the Rally that the cryptocurrency experienced was the start of the club season. Although he could stay in a lot of activity thanks to the fact that he is the favorite to lift the Brazilian Cup.
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Santos FC token slows down
If yesterday and in less than 24 hours the Santos FC token reached a new ATH, now it has begun to descend to currently trade at $11.06. This type of behavior is natural in altcoins particularly linked to the fans of a club. It is not a particular case, we can observe the same behavior with the Paris Saint-Germain (PSG) fan token also Barcelona FC (BAR) and even the Manchester City (CITY) token.
After our last report in KEY ALERTS about the Santos FC token, the market capitalization was reduced 31,64%. At the same time its price was reduced 31,67%. Although we mentioned other tokens related to football clubs, Santos FC is the only one that has made a 200% rally in the last month.
During the rally of the Santos FC fan token, the volume of the cryptocurrency soared by 400% to quickly decline by 65% and a total value of $211,930,855. Fans who entered the rally early, at the end of the day yesterday and today morning, have withdrawn their winnings. This has greatly reduced the value of the cryptocurrency, losing almost 50% of its value in less than 24 hours.
In the case of the Santos FC token, it can be obtained on the largest exchanges such as Coinbase, Binance, Gate.io and PancakeSwap. However, we remind our readers that this is not investment advice and invite you to conduct thorough and complete research before investing your money.
In the case of the Manchester City (CITY) fan token, the rise was due to a joke made by Elon Musk about buying the football club. The Manchester City token reached its highest price since May following rumors of a purchase by Musk. Although Musk’s phrase is a long-standing joke among Twitter users, the football club’s token went up and since then its behavior has been very volatile.