Argentina’s fan token ARG dumped over 50% of its value, trading for as low as $2.68 from over $6 in the last 24 hours despite the country winning the 2022 FIFA World Cup in Qatar, according to CryptoSlate data.
The drop in the fan token’s value is a surprise, as holders would have expected the victory to increase ARG’s value. It was unclear why the asset experienced a huge sell-off.
The fan token had declined by over 30% during the early days of the tournament when Argentina suffered a shock defeat to Saudi Arabia.
Its price performance soon recovered after the Argentine team’s fortunes improved, but ARG shed over 60% of its value during the World Cup tournament.
ARG was launched in July 2021, peaking above $9 on Nov. 18 –two days before the World Cup began. Since then, it has declined by roughly 69% from its all-time high.
Meanwhile, ARG’s price performance is not entirely strange compared to other fan tokens. Most of them recorded a negative price performance over the last 24 hours –CryptoSlate data showed that the overall market cap for fan tokens declined by 5.29% over the previous 24 hours and by over 8% in the last seven days.
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Source: https://cryptoslate.com/argentina-fan-token-dumps-50-despite-world-cup-win/