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Fan Token Volumes Are Spiking Because of World Cup – How to Profit

Fan Token Volumes Are Spiking Because of World Cup - How to Profit
Fan Token Volumes Are Spiking Because of World Cup - How to Profit

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As market sentiment turns bullish, fan tokens have been rallying with the FIFA World Cup edging near. Chiliz (CHZ), the native token behind the Socios platform, has rallied by more than 15% over the past week amid growing demand for the token. The trading volumes for these fan tokens have also increased.

Fan token volumes surge

A market report by Kaiko said that the trading volumes for the five largest fan tokens by market capitalization had increased significantly. These volumes are now significantly high than the summer lows.

One of the reasons these fan tokens have increased in volumes is because of the start of the regular season for most teams. Fan tokens have become quite popular in the web 3.0 & crypto sector as they help boost interaction between fans and their favorite teams. The holders of these tokens get access to explosive benefits such as votes and prizes.

In August, fan tokens reported more than $2 billion in trading volumes. These volumes dropped in September to $1.85 billion. The volumes declined in October alongside a drop across the broader cryptocurrency market. The tokens have reported volumes of $700 million this month.

However, the FIFA World Cup is approaching fast and is slated to start on November 20. As the largest event in soccer nears, fan tokens will likely gain renewed interest as the sporting event is one of the most viewed.

Chiliz fan token is bullish today

Chiliz, one of the largest fan tokens, is bullish today after rallying 2.7% in the last 24 hours. The trading volumes in the past 24 hours stand at over $587 million, which is a healthy volume, given the uncertainty that is in the market as traders wait to see the decision made by the Federal Reserve on interest rates.

The CHZ token has traded between $0.22 and $0.23 in the last 24 hours, showing low volatility. The token will likely continue trading sideways if this low volatility remains in play.

Altcoins to consider buying today

If you are considering buying fan tokens, you might also want to diversify your portfolio by investing in these three presales.

The first is the Dash 2 Trade presale, which has raised more than $4 million. The presale is in stage 2, which will be complete after $5,166,000 is raised, after which stage 3 will commence. Dash 2 Trade is a crypto signals platform giving crypto investors access to tools that will help them make informed decisions.

The second is the IMPT presale, which has raised nearly $12 million. The IMPT token powers the IMPT.io platform focused on lowering carbon emissions and transforming the carbon credits market.

Thirdly, we have the Calvaria presale. Calvaria is one of the best play-to-earn games based on blockchain. The RIA presale has already raised more than 1.1 million USDT in stage three out of the targeted 1.35 million USDT.

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