ARG Fan Token Surges 66% to $2.33 After Argentina Secures Spot in Copa America Soccer Tournament Finals

After Argentina guaranteed their spot in the Copa America soccer competition finals, ARG token shot up from $1.116 to reach a high of $2.445.

Argentina's performance in the Copa America soccer tournament is having a positive impact on the market value of the team's fan token (ARG). According to data from CoinMarketCap, the price of the Argentina Football Association's cryptocurrency increased by 66.03% over the last 24 hours, reaching $2.33. This represents the token's highest level since May 30, when the digital asset was trading at $2.44.

The fan tokens are issued by the Argentine Football Association in partnership with Socios.com, a fan-engagement platform powered by the Chiliz blockchain. Chiliz.net serves as the trading platform for sports and entertainment tokens. As reported earlier, in order to increase the adoption of fan tokens, Chiliz also recently partnered with Alchemy Pay. The goal of the collaboration is to allow users to use fiat channels such as Visa, Mastercard, local mobile wallets, and bank transfers to purchase fan tokens.

The goal is to make it easier for fans around the world to get their hands on these tokens, which could, in turn, increase the demand for the digital assets. The essence of the collaboration is to integrate Alchemy Pay's hybrid on-/off-ramp fiat payment gateway with Chiliz's Launchpad fan token offering platform.

The remarkable performance of the team is being celebrated in the digital asset sector as well – an example of how two distinct industries can find an intersecting utility. The success of the team translates into the success of the digital asset.

Other top five largest fan tokens include FC Barcelona Fan Token (BAR) which is trading at $1.95, up by 2.5%, Manchester City Fan Token (CITY) which is trading at 2.24, up by 3.18%, and AS Roma Fan Token (ASR) which is trading at $2.51, up by 15.26%. The total market cap of the fan token sector stands at $323 million with a 24-hour trading volume of $110.7 million.

ARG Fan Token Activity

Interestingly, the ARG fan token surged a whopping 94.32% in the past seven days, outperforming the broader crypto industry. Notably, ARG has become the most actively traded fan token with a 24-hour trading volume of $23.23 million. This volume is nearly three times that of the PSG token whose trading volume is $8.7 million.

The ARG-Turkish lira (ARG/TRY) pair on the centralized exchange Paribu has dominated trading activity, accounting for 88% of the total volume over the past 24 hours. In contrast, the ARG-chiliz token (ARG/CHZ) pair on Chiliz.net has contributed a mere 0.16%.

As clear from the chart provided by TradingView above, the ARG token formed two huge bullish candles. The volume has also surged significantly. The Relative Strength Index (RSI) for the ARG price action reads 77 which confirms that the buying pressure is immensely high and the cryptocurrency is currently being overbought.

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