Chiliz (CHZ) and Algorand (ALGO) Tumble Double-Digits Amid World Cup Kick-Off

Top football fan tokens marked in red ink as Day 2 of FIFA World Cup ’22 is in play.

Falling silver man on red background with while Chiliz and black Algorand logo

The FIFA World Cup 2022 in Qatar has finally kicked off as football fans from around the globe flock to Doha to witness the top-notch soccer competition. However, all of the football fan tokens are getting beaten down by the merciless crypto bears. That includes Chiliz (CHZ), Algorand (ALGO), and Cronos (CRO), all sponsors of the competition.

When it comes to national football team tokens, the situation is even worse. To illustrate, Brazil’s National Football Team Fan Token (BFT) is down by 20.9%, while Spain’s National Football Team Fan Token (SNFT) fell down to its knees with 17% in the red since the opening ceremony.

Both ‘World Cup’ and ‘Qatar’ are trending on Twitter this Monday morning as football fans express their anger at very basic living conditions in the cheap accommodation. Human rights activists, including the Anonymous Group, have shared their stance that the World Cup should be boycotted.

Sponsored

As if that wasn’t enough, memes surrounding the sloppy performance by the Qatar national team are widely being shared. Football spectators are still challenging the controversial offside call when Ecuador scored the first goal in the second minute. However, Casper The Friendly Ghost, the official mascot of FIFA World Cup 2022, is ready for action as Day Two promises big things for both English and American football enthusiasts.

Chiliz (CHZ) And Algorand (ALGO) Take A Beating By The Bear

At press time, Chiliz (CHZ) trades at $0.192122, according to CoinGecko. The football fan token that powers most of the football club and national team tokens, and sponsors Binance Football Fever, has been on a downward slope in the last 24 hours, with an eye-watering 20.4% deficit. Besides, the last 24 hours indicate a significant decrease in the CHZ total market cap, as it went down by $300 million to just $1,024,430,728.

Sponsored

On the other hand, the 30th-ranked official sponsor of the tournament, altcoin Algorand (FIFA), trades at $0.247751 according to CoinGecko. Interestingly, Algorand (ALGO) hit the dirt on the opening day of the biggest sporting event. ALGO’s market price is 13% in the red for the last 24 hours, also totaling a 5.8% weekly deficit. Ultimately, it’s a part of a strong bearish trend, as CentralCharts indicate.

On the Flipside

  • The two football-related blockchains Chiliz (CHZ) and Algorand (ALGO) had a solid bull run the last two weeks prior to the FIFA World Cup ’22.

Why You Should Care

As the FIFA World Cup ’22 is at the centre of attention, the controversy surrounding the major sporting event could have a heavy impact on football-related cryptocurrency prices.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.