Argentina’s fan token ARG dumped over 50% of its worth, buying and selling for as little as $2.68 from over $6 within the final 24 hours regardless of the nation profitable the 2022 FIFA World Cup in Qatar, in response to CryptoSlate information.
The drop within the fan token’s worth is a shock, as holders would have anticipated the victory to extend ARG’s worth. It was unclear why the asset skilled an enormous sell-off.
The fan token had declined by over 30% throughout the early days of the event when Argentina suffered a shock defeat to Saudi Arabia.
Its value efficiency quickly recovered after the Argentine workforce’s fortunes improved, however ARG shed over 60% of its worth throughout the World Cup event.
ARG was launched in July 2021, peaking above $9 on Nov. 18 –two days earlier than the World Cup started. Since then, it has declined by roughly 69% from its all-time excessive.
In the meantime, ARG’s value efficiency isn’t solely unusual in comparison with different fan tokens. Most of them recorded a damaging value efficiency during the last 24 hours –CryptoSlate data confirmed that the general market cap for fan tokens declined by 5.29% over the earlier 24 hours and by over 8% within the final seven days.
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