Morocco’s national team pulled off a surprise by qualifying for the quarterfinals against Spain at the World Cup. And this has caused a reaction even in the cryptocurrency sector. The cryptocurrency linked to the Spanish team, the SNFT, has devalued in the space of a few minutes.
Spain’s fan token plummets after World Cup loss
Morocco defeated Spain 3-0 on penalties in a match that turned out to be more competitive than expected. This in turn has a direct impact on the Spain National Fan Token (SNFT) crypto, which saw its price plummet immediately after:
SNFT price takes a dive yesterday
In total, the Spanish fan token lost -63% in the space of half an hour, hitting $0.03. It should also be noted that the price of the SNFT had already begun a significant fall. In the space of a month, it has divided its value by 10.
Fans tokens that are hard to convince
This is a trend that can be observed more widely. While the World Cup could have reignited interest in fan tokens, the opposite has happened instead, in a particularly gloomy context for the cryptocurrency ecosystem. According to data shared by CoinGecko, the cryptocurrency of Argentina’s team fans fell by -29% on the week, and Portugal’s is similarly down at -31%. Those who were betting on a resurgence of interest in this type of cryptocurrency will have been wrong, as the trend is widespread for fan tokens.
The latter have sometimes come under criticism, because of the speculative aspect that could, according to commentators, “trap” enthusiastic fans. As we have seen here, large-scale events are by no means a guarantee that the price of tokens will rise. Those who bought national team tokens in the run-up to the World Cup may well find themselves in the lurch
