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PSG Fan Token Surges by 65% as Socios Fan Tokens Buck the Market Trend

Key Insights:

  • French footballing giants Paris Saint-Germain (PSG) saw its fan token surge by 65% on Wednesday.

  • Support for Socios Fan Tokens kicked in on Chili network news updates and listings on Bitpanda.

  • The Socios fan token platform offers forty fan tokens of international football clubs.

PSG Fan Token grabbed the limelight on Wednesday, supported by BitPanda and Chiliz (CHZ) news. In recent weeks, movement across the forty Socios fan tokens has more closely reflected fan sentiment towards team performance and the club.

The European football season is drawing to a nail-biting end, with the English Premier League and Italy’s Serie A yet to have a clear winner.

For the French top flight Ligue 1, star-studded Paris Saint-Germain (PSG) sits an impressive 15 points ahead with one game remaining.

According to CoinGecko, the Paris Saint-Germain leapfrogged Manchester City Fan Token (CITY) to the top of the Fan Token table on Wednesday.

In 7-days, Paris Saint-Germain has surged 132.5% to a market cap of $33.08m, 82% of that came in the last 24-hours.

By contrast, Manchester City Fan Token is up a modest 56.3% to sit at #2, with a market cap of $25.21m.

MarketCap Table 19/05
MarketCap Table 19/05

Socios Fan Tokens Get an End of Season Boost

This week, the stars were aligned for football Fan Token holders, with Fan Tokens on a breakout amidst a broader crypto market sell-off.

On Tuesday, Chiliz announced the launch of Scoville Testnet Phase 2. Key feature enhancements include the launch of PepperSwap, a decentralized exchange (DEX), and Fan Token Test Surveys.

For football clubs and fans, the Fan Token Test Survey delivers a mouth-watering prospect. The ultimate goal is for Fan Token holders to vote on club decisions.

 

Last week, Chiliz announced a Head2Head Burn. Head2Head Burn reduces the supply of fan tokens depending on goals scored and the outcome of games.

The introduction of the Head2Head Burn competition means that better-performing teams will see more fan tokens burned. This would push fan token prices upwards, rewarding fan token holders.

The announcement had a muted impact on Fan Token price action, however, as the broader market grappled with the collapse of TerraUSD (UST) and Terra LUNA.

It wasn’t just network news that provided a boost, however.

Bitpanda Announces the Listing of Seven Socios Fan Tokens

For Ligue 1 winners, PSG, fans received the bonus of BitPanda announcing the token listing on Wednesday.

BitPanda also listed Juventus Fan Token (JUV), Atletico De Madrid Fan Token (ATM), Santos FC Fan Token (SANTOS), FC Porto Fan Token (PORTO), FC Barcelona Fan Token (BAR), and Manchester City Fan Token.

Behind PSG, Juve and Santos fans were most responsive, with the fan tokens up 57% and 47% over 24-hours.

Increased fan engagement through the Chiliz network enhancements and BitPanda’s announcement put Fan Tokens in the limelight amidst the crypto market doom and gloom.

Socios Fan Tokens Drive Fan Engagement in the World of Soccer

There are currently forty fan tokens of international clubs under Socios. The fan tokens give holders a say in a club’s decision-making, rewards, and access to exclusive fan token holder promotions, games, chats, and a chance to become a superfan.

Socios fan tokens are on the Chiliz Chain, a Proof-of-Authority Ethereum-based sidechain.

Other teams under Socios include the English Premier League’s Arsenal and Everton and even the Argentinian National Football team.

PSG Price Action

At the time of writing, PSG was down 1.44% to $9.6050. A bullish start to the day saw PSG jump to an early high of $11.55 before hitting reverse.

A move back through to $10.00 levels would signal another breakout day ahead. Near-term, the bulls will be eyeing a run at April’s high of $15.8575.

PSG 190522 Daily Chart
PSG 190522 Daily Chart

This article was originally posted on FX Empire

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