Defending champions Argentina advanced to the finals of the Copa America soccer tournament on Tuesday, more than doubling the market value of the country's fan token, ARG.
According to data source CoinMarketCap, the price of the Argentina Football Association's cryptocurrency has risen 107% to $2.32 since the team's 2-0 victory over Canada, reaching its highest level since May 30, surging over 70% in the past 24 hours alone. Its market value has soared to $27.85 million, the second-highest among soccer fan tokens, but still short of the record $32.4 million reached in the lead-up to the 2022 Qatar World Cup, which it also won.
ARG token is also the most heavily traded of the tokens. As of press time, its 24-hour volume stands at $23.57 million, nearly four times more than the Paris Saint-Germain fan token, which is the largest soccer token by market value.
Trading volume in ARG markets listed across exchanges. (CoinMarketCap) (CoinMarketCap)The ARG-Turkish lira (ARG/TRY) pair listed on the centralized exchange Paribu accounted for a full 88% of the total volume of the past 24 hours. The ARG-chiliz token (ARG/CHZ) pair listed on Chiliz.net contributed just 0.17% of the global activity.
Chiliz.net is the trading platform for all the sports and entertainment tokens partnered with Chiliz ($CHZ) and Socios.com. The Argentine Football Association tapped Socios.com, a fan-engagement platform powered by the Chiliz blockchain, to issue the ARG token in 2021.
Token holders can win access to unique team activities, experiences, and VIP services, including meeting the team's players and access to the Estadio Monumental – a football stadium in Buenos Aires, Argentina, known for its rich history. Fan tokens mark the intersection of blockchain and sports, allowing market participants to price in and gauge the financial and economic impact of major sporting events.
Edited by Sheldon Reback.