Argentina Fan Token Drops Over 62% After FIFA World Cup Victory

Despite Argentina officially clinching the FIFA World Cup 2022 title, the fan token for the national team, ARG, has plummeted by more than 62% compared to 24 hours ago.

Despite the historic achievement for the South American nation, Argentina's fan token, ARG, is trending downward. From a peak of $7.20 on December 17, the value of ARG has sharply dropped to $2.76, losing 62.5% of its value.

ARG Price Fluctuation Over the Last 7 Days, Data from CoinMarketCap as of 11:05 AM on December 19, 2022

Fan token prices are directly influenced by the outcomes of the matches their teams participate in, as these tokens are purchased by fans themselves. The ARG token briefly soared to nearly $8.80 on November 19, just four days before Argentina's first match in the World Cup 2022, driven by enthusiastic fan support.

Similarly, as reported by Coin68, the ARG token quickly plunged around 30% following Argentina's defeat to Saudi Arabia. Conversely, the token surged by 70% after Argentina's victory over Croatia, a match that confirmed Argentina as the first finalist in the World Cup.

ARG is the official fan token for the Argentine Football Association, issued in collaboration with Socios/Chiliz. Fan tokens are typically created for renowned football clubs around the world, such as Manchester City, AC Milan, and Barcelona.

In the past, Socios faced controversy with the world's largest cryptocurrency exchange, Binance, over the issuance of fan tokens for the Argentine national team. Nevertheless, Binance remains one of the main sponsors of the Argentine Football Association.