Flamengo Fan Token (MENGO) continues to defy broader market trends, extending its bullish run from last week’s $0.286 to reach new heights at $0.38. This sustained rally highlights growing investor confidence in fan tokens as a viable digital asset class.

$MENGO: Flamengo Fan Token Maintains Bullish Momentum, Up 34% in 7 Days

Flamengo Fan Token (MENGO) has maintained its impressive momentum from last week, surging to $0.38 after breaking through multiple resistance levels. The Fan Token has demonstrated exceptional strength, building upon its previous position at $0.286 to achieve a remarkable 34% gain over the past seven days.

The token’s latest performance significantly outpaces both the broader cryptocurrency market, which is up 3.90%, and its peers in the Sports cryptocurrency sector, which have gained 10.00% during the same period. Trading volume has surged to $2,088,403 in the last 24 hours, showing substantial increase from last week’s $518,422, indicating growing investor interest.

Despite a slight correction of -10.51% in the last 24 hours, the overall trend remains bullish, with the token maintaining strong support above the $0.35 level. With a circulating supply of 6,012,476 MENGO tokens out of a total supply of 30,000,000, the token’s scarcity factor could be contributing to its price appreciation.

Since their introduction by Chiliz, Fan Tokens have become the leading digital assets in the sports world. With over 2 million wallets, Fan Tokens are the go-to tokens for fans everywhere.

More than 70 teams have launched Fan Tokens, such as Manchester City ($CITY), FC Barcelona ($BARCA), and Paris Saint-Germain ($PSG). This way, they have new ways to engage with their supporters through Socios.com.

Fan Tokens can be traded on Kayen, a Fan Tokens-focused exchange, and they are listed on several exchanges. Binance has joined the movement by creating Fan Tokens for major teams such as Lazio and Santos.