Argentina win World Cup but ARG token falls 50%

Argentina are the FIFA 2022 World Cup winners, beating France 4-2 on penalties after a thrilling 3-3 draw.

Victory for Argentina saw soccer icon Lionel Messi lead his country to its first third triumph at the global showpiece, ending a 36-year wait since legend Diego Maradona inspired them to victory in 1986.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

As Messi and co celebrated the sports milestone, the other half of the spotlight was on the truly mercurial Kylian Mbappe after a brilliant hat trick in a World Cup final – the first since England’s Geoff Hurst in 1966.

Argentina have once again conquered the football world. But that’s not the same for its fan token.

ARG token slips 50% as Argentina win World Cup

In November, the Argentina Football Association Fan Token (ARG) fell sharply as Argentina fell to a shock defeat to Saudi Arabia in their World Cup opener.

At the time, the token dropped from around $7.50 to $5.20 as the market reacted to the loss. It then traded lower as the country looked to qualify out of the group, before rising sharply as Messi inspired an organised Argentina to this year’s final. The price of ARG against the US dollar traded as high as $7.30 on Saturday, 17 December.

However, ARG/USD tumbled sharply after the final in a classic sell the news scenario.

On Monday morning, data from CoinGecko showed the token’s value had declined to $2.72, down from a high of $6.03. The heavy selling pushed the token nearly 50% down before a slight recovery as at the time of writing – ARG was trading near $3.30 with the charts showing a 40% decline in the past 24 hours.

The ARG fan token is down approximately 60% in the past 30 days. However, its price is about 152% up over the past year, impressive given the crypto winter’s havoc on the cryptocurrency market.