Fan tokens of leading football clubs in Europe are ripping higher and outperforming the broader cryptocurrency market, according to details on September 5, 2022.
Per statistics, fan tokens like $LAZIO, the fan token of Lazio football club in Italy, and $PSG of the Ligue 1 giant Paris Saint Germain, are defying gravity and have been posting double-digit gains in the last few trading sessions. Notably, $LAZIO dominates the leaderboard, surging approximately 50 percent in the previous trading week alone.
Considering fundamental factors and rising confidence by market analysts that the crypto winter might be coming to an end after nine grueling months, the fan token rally could just be getting started.
The pump in fan tokens’ valuation coincides with the resumption of the 2022/23 session in most top European leagues. These coins are purposefully designed to strengthen the ties between fans and the team. Partnering clubs are permitted to mint them on the dedicated Proof-of-Authority (POA) Chiliz network.
This way, fans can, at any time, purchase these tokens allowing them to participate in voting where they can decide on the color of their team’s jersey, friendly matches, or even win prizes. It is a well-thought idea that Socios, the team behind the Chiliz Network, first implemented and continues to revolutionize fan engagement, even presenting opportunities for traders on MEXC Global and other top exchanges.
In 2020, MEXC Global, a top cryptocurrency exchange with over seven million clients worldwide, began listing fan tokens. $LAZIO is one of the over 15 fan tokens available for trading on the exchange. As of September 5, 2022, $LAZIO was paired with the world’s most liquid stablecoin, USDT, allowing a quick way for traders to acquire the token in the secondary markets. Other fan tokens listed on the exchange include ACM, ALPINE, ASR, and POR.
Besides boosting the liquidity of fan tokens and creating a convenient way for fans or investors to get exposure to their clubs’ tokens, MEXC Global is at the forefront of driving their respective liquidity. Subsequently, these tokens become easier to trade, even for young fans. Considering how popular these tokens have been, MEXC Global has been evolving to meet the demand of its clients.
They have launched the Fan Zone for fan token traders. At the same time, MEXC Global allows the trading of leveraged ETFs of fan tokens. The derivatives product is a quick way for users to trade with leverage, quickly and safely. Like other leveraged ETF tokens available on the liquid platform, their pricing is unique. They are issued off-chain, meaning the high Gas fees on Ethereum can be avoided, a relief for traders.
from NewsBTC https://ift.tt/pWV2rXH
