ARG Token Soars as Argentina Advances in Copa America

By: Isha Das

The Argentina Football Association's fan token, ARG, experienced significant trading activity following Argentina's victory over Canada in the Copa America semifinals, according to CoinMarketCap. The remarkable performance of ARG highlights the growing intersection between sports and cryptocurrency.

Canadian rapper Drake, known for his high-stake bets in Bitcoin, lost a $300,000 bet on the Canada National Football Team's win against Argentina. Had Canada won, Drake stood to gain a $2,880,000 payout in Bitcoin. The match ended in a 2-0 victory for Argentina, propelling the Argentine team into the finals and leading to a spike in ARG's trading volume. Fans and crypto enthusiasts alike had a field day speculating that the 'Drake Curse' might have struck again, as the rapper is notorious for his losing streaks on sports bets.

The Argentina Football Association fan token's daily trading volume surged by 227%, reaching $5.2 million, a significant jump from the pre-match volume of around $1.4 million. The token's price also saw a 41% increase, peaking at $1.6 before stabilizing in the $1.55-$1.59 range. This marks a 35.7% rise on a weekly basis and a 120% increase on a yearly timeframe. However, the ARG token remains 81% below its all-time high price of $9.1, achieved during the 2022 World Cup.

Meanwhile, other fan tokens also experienced an upward trend. The Spain National Football Team fan token (SNFT) rose by 10% following Spain's victory over France in the European Championship. The SNFT increased from $0.023 to $0.026 as Spain advanced to the finals. The performance of these tokens exemplifies the potential impact of sporting events on crypto markets, positioning sports fan tokens as an intriguing investment avenue.