Cryptocurrency

Fan tokens rise by 7% following UPbit listing

Hull Invest

South Korea’s largest cryptocurrency exchange UPbit Said Several Fan Tokens will be listed, including AC Milan (ACM), Atletico Madrid, Manchester City (CITY), Napoli (NAP), Arsenal (AFC), Barcelona (BAR) and Inter Milan (INTER). was announced on January 5th. ).

The exchange said the initial trading of the asset is based on user deposits, which could result in “sudden price movements due to excess or insufficient liquidity.”

Meanwhile, the exchange added that it only supports deposits from the Chiliz chain of Fan Tokens.

Alexandre Dreyfus, CEO of Chiliz Blockchain Said The network will bring more football and sports brands to South Korea as it “has one of the largest crypto markets and a massive fandom culture.”

Fan Tokens up 7%

According to CryptoSlate data, the Fan Token sector is up 6.61% over the past 24 hours, continuing its impressive price performance with over 10% growth over the past 7 days.

The data shows that the top 50 fan tokens by market capitalization have risen in the last 24 hours, with the exception of the Young Boy fan token, which has lost 0.87% of its value.

fan token
Top 15 Fan Tokens (Source: CryptoSlate)

Following this news, all Fan Tokens listed on UPbit recorded a significant increase. NAP surged 74% over the last 24 hours to $4.8. AFC rose 25.97% to $2.66 and INTER rose 9.2% to $2.29.

At the time of writing, ACM is up 9.1% and is trading at $2.61. Meanwhile, CITY rose 7.75% to trade at $4.40 and BAR rose 5.08% to $3.73.

Meanwhile, Fan Tokens of other football teams such as Lazio, Fenerbahçe, Milonarios FC and Levante also recorded double-digit increases in the last 24 hours.

In the 7-day indicator, Napoli and Arsenal Fan Tokens rose by 84.48% and 40.9% respectively.

Meanwhile, despite the improved performance of Fan Tokens, they are still trading at a significant discount to their all-time highs.

Chiliz up 10%

Chiliz (CHZ) also reacted positively to UPbit’s network support. Data from CryptoSlate shows that sports-related tokens rose more than 10% to $0.1155 for him, but now he’s back at $0.1155.0.11079 when pressed.

Onchain Detective Lookonchain report it wThe hale address has over 15 million tokens (approximately $2 million) Binance.

Meanwhile, CryptoSlate data shows that all tokens on the blockchain network have grown by more than 10% in the last 24 hours and by 13% in the last 7 days. Other Fan Tokens on the network include Argentina Fan Tokens, UFC Fan Tokens and Aston Villa Fan Tokens.

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