The soccer fan token powerhouse Socios.com is going through a lot of hassle just two days until the Finals of the FIFA World Cup 2022. Chiliz (CHZ), the companyโs native cryptocurrency, has dropped out of the TOP 50 by total market capitalization. On top of that, most European Football related fan tokens have been experiencing daily bloodbaths, with most of the top ones facing double-digit weekly deficits.
$CHZ dipped 45% since making that swing high on November 19.
— Crypto Santa (@Blockchainsanta) December 8, 2022
Price kept dropping until it found a local support level at $0.15.
A bounce is key here, otherwise weโre back into the May-August range.#CHZ #ChiliZ pic.twitter.com/3cf1kKAwb6
Can Chiliz (CHZ) Restore Key Support Level?
Chiliz (CHZ) couldn’t keep up with the harsh winds of the crypto winter and lots its multi-year $0.15 key resistance level. At press time, the #55 ranked soccer related altcoin Chiliz (CHZ) trades at$0.136639, according to CoinGecko. The altcoin thatโs powering most of other European football fan tokens plunged by another 4.4% in the last 24 hours, but the weekly perspective looks even rougher with 10.9% in the red. As if that wasnโt enough, Chiliz (CHZ) is sinking in red ink for the last 30 days with a 38.8% deficit.
Sponsored
On the other hand, the official FIFA World Cup 2022 blockchain sponsor Algorand (ALGO) is not doing much better. The 32nd ranked soccer related crypto Algorand (ALGO) is priced at $0.204030, according to CoinGecko. The price movement marks a 9.1% deficit in the last 24 hours, as well as an eye-watering 28% in the last 30 days.
(Obviously, Bitcoin is not going to zero ๐ It's a figure of speech).
— Alexandre Dreyfus (@alex_dreyfus) December 15, 2022
Argentine Fan Token (ARG) Rises Prior To The Finals
In contrast to most of the altcoins getting tormented by the unsympathetic bears of the crypto winter, the Argentinian soccer fans have a lot to cheer about. Not only did Argentina make it to the World Cup 2022 Finals to take on the defending champions France, but also the nationโs native soccer cryptocurrency made great progress in a single day.
At press time, Argentine Football Association Fan Token (ARG) is priced at $6.78, signaling an enormous increase in the last 24 hours. The national soccer token of Argentina skyrocketed by 34% since yesterday, while also recording 153% gains in the last 7 days, as the Latin American country is cheering for Leo Messi & the squad in hopes to lift the title.
$ARG ๐ฆ๐ท to reach new highs before the @FIFAWorldCup final?
— Ferenc (@ferenc_xyz) December 16, 2022
My chip has been placed #Argentina #FanToken pic.twitter.com/cVzUyLeand
On the Flipside
- Despite dramatically plummeting market price, Chiliz (CHZ) is getting ready to launch an upgraded version of the soccer-related blockchain Chiliz 2.0.
Why You Should Care
Soccer has a huge impact on crypto, as there’s a payload blockchain companies that have partnered with FIFA and the top European Football clubs. For instance, Crypto.com is an official sponsor of FIFA World Cup, while FIFA+ NFT marketplace is solely powered by Algorand (ALGO).
Read the most important sports-related crypto news:
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