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Sports token markets are witnessing two key coins, the Paris Saint Germain (PSG) & AS Roma fan tokens, bucking fan token down-trend, with the two tokens edging higher after recent European success and a push towards the semi finals.
Defiant upside moves by the two leading sports tokens come as crypto tokens are under immense selling pressure – with a market-wide sell-off trend over the past two years for most fan tokens.
Though Bitcoin and top altcoins are relatively firm, rising from 2023 pits, sports tokens are still reeling from the dump.
Inter Milan (INTER), Juventus (JUV), Barcelona FC (BAR), and others continue to slump in a bleak winter.
INTER and BAR Tokens Falling, PSG and ASR Soar
Of note, INTER and BAR tokens posted sharp losses after their elimination from one of Europe’s top soccer competitions, the Champions League.
Amid this downturn, Paris Saint-Germain (PSG) and AS Roma (ASR) fan tokens appear to be bucking the trend.
When writing, IntoTheBlock data shows that PSG is changing hands at around $5, just down $2 from all-time highs registered in early 2023.
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However, the lift-off of the ASR token has been impressive. So far, it is trading at around all-time highs, changing hands at $4, down less than a dollar from all-time highs printed this month.
BAR, PSG, and ASR tokens are examples of the multiple sports assets minted by Socios.com on the Chilliz blockchain. Holders can participate in official team polls, earn prizes, and even receive points.
The more points accrued, the higher the chances of accessing unique fan experiences and other exclusive benefits.
CoinMarketCap says sports fan tokens command a market cap of over $450 million.
PSG and AS Roma Riding On Continental Success
PSG token surged after their victory over Barcelona in the Champions League quarter-finals last week, propelling them to the semi-finals. They now meet the German club Borussia Dortmund.
Following this win, the token soared from $3.8 to $5.2. Meanwhile, after being bundled out from the competition, BAR fell from $3.1 to $2.7 over the same period.
While PSG dominates the Champions League conversation, another club is making waves in the Europa League – AS Roma.
Since manager Jose Mourinho’s departure, Roma has displayed impressive form, raising hopes of clinching the Europa League title this season.
AS Roma eliminated one of their Serie A tough competitors, AC Milan, who were last season’s Scudetto champions, progressing to the semi-finals. They will tackle German champions Bayern Leverkusen for a spot in the finals.
Their European success has seen the ASR token nearly double in April. If ASR and PSG clinch the Europa and Champions League titles, their respective tokens will likely spike to new all-time highs.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
