KEYTAKEAWAYS
- ARG token price soars by 65% in 24 hours, reaching $2.34.
- Trading volume increases by 578.50%, hitting $23.8 million.
CONTENT
As Argentina secures a spot in the Copa America final, the ARG fan token experiences a remarkable surge, with its trading volume skyrocketing over 500% in 24 hours and its value nearly doubling, solidifying its position as the second-largest soccer coin by market cap.
The Argentine Football Association Fan Token (ARG) has seen a dramatic surge in both value and trading volume following Argentina’s advancement to the Copa America finals. This success on the field has translated into significant gains in the digital asset market, with the ARG token emerging as a standout performer among sports-related cryptocurrencies.
According to data from CoinGecko, the ARG token has experienced a remarkable 98.8% increase in price over the past week, reaching $2.34 – its highest level since May 30. At the time of writing, the token was trading at $2.34, representing a 67.8% increase driven by the excitement surrounding Argentina’s Copa America performance.
This price surge has catapulted ARG to become the most heavily traded fan token in the market. Its daily trading volume has skyrocketed by an impressive 578.50%, reaching $23.8 million. This figure dwarfs that of the Paris Saint-Germain fan token, which currently holds the title of the largest soccer token by market value.
While these numbers are impressive, they still fall short of the record $32.4 million trading volume achieved during the lead-up to the 2022 Qatar World Cup, which Argentina went on to win. During that tournament, the ARG token reached its all-time high of $9.1.
The impact of on-field success on token value is not limited to Argentina. The Spain National Football Team fan token (SNFT) also saw a 10% increase in value following Spain’s victory over France in the European Championship. Spain’s 2-1 win on Tuesday led to the SNFT’s price rising from $0.023 to $0.026.
Launched in 2021, the ARG token was issued by the Argentine Football Association through Socios.com, a fan engagement platform powered by the Chiliz blockchain. Chiliz.net serves as the primary trading platform for sports and entertainment tokens, in partnership with Chiliz ($CHZ) and Socios.com.
Holders of the ARG token gain access to various exclusive team activities, experiences, and VIP services. These include the opportunity to meet team players and access the Estadio Monumental, a historic football stadium in Buenos Aires, Argentina.
In related news, Canadian rapper Drake revealed on Instagram that he had placed a $300,000 Bitcoin bet against the Argentina National Football Team, predicting that Canada would defeat the World Cup champions 2-1. However, his bet did not pay off as Argentina knocked Canada out of the Copa America. Following the victory, the Argentine Football Association’s social media accounts took a playful swipe at the rapper, referencing Kendrick Lamar’s diss track “Not Like Us.”
As Argentina continues its impressive run in the Copa America, all eyes will be on both the team’s performance on the field and the ARG token’s performance in the digital asset market.
>> Also Read: Messi’s Social Media Endorsement Sparks 23% Surge in Solana-Based WATER Memecoin
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