Spain national team fan token plunges 48% after defeat by Morocco

Spain’s World Cup defeat in Qatar sent the team’s fan token (SNFT) plunging from above $0.09 to $0.03 at one point.

In Spain without the S? 🇪🇸🥲

Spain National Fan Token $SNFT slumps 42.8% after Spain’s defeat to Morocco in a penalty shootout, 3-0, at the #FIFAWorldCup

📉: https://t.co/pWiTCIXUTk pic.twitter.com/6ScpjUWtLN

— CoinGecko (@coingecko) December 6, 2022

On December 6 in Qatar, the Round of 16 match at the 2022 World Cup between Spain and Morocco took place. Luis Enrique’s side lost the penalty shoot-out 0-3.

According to CoinGecko, SNFT fell by 48.1% over the last 24 hours. At the time of writing, the fan token remained above $0.048.

This is not the first time a fan token has reacted negatively to World Cup results. On November 18, the Argentina national team coin (ARG) traded above $9, and after Saudi Arabia’s defeat on November 22 it slumped more than 30%.

Argentina’s 3 December win over Australia did not bring ARG back to a meaningful rise. At the time of writing, the fan token stood just above $2.6.

Similarly, the Portugal national fan token (POR) behaved similarly. On December 6, the team crushed Switzerland 6-1, but POR fell 8.1% in the last 24 hours. For the week, the decline stood at 31.5%, according to CoinGecko.

Chiliz, the operator of Socios.com, works with dozens of major clubs across various sports that issue digital assets for their fans. The platform’s official face and ambassador is the world-famous Argentine footballer Lionel Messi.

Back in March, the Socios platform operator launched the Chiliz Chain 2.0 blockchain testnet.

Read ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.