Man City Fan Token’s ($CITY) $35M Trade Volume Influx Fuels Price Spike
Trading activity is picking up ahead of Manchester City’s upcoming Premier League match against Sunderland this weekend.
City are currently second in the league and have the opportunity to gain distance on league leaders Arsenal, as the Gunners face a tricky away match at third placed Aston Villa.
Over the course of the last 24 hours, trade volume for the Manchester City Fan Token ($CITY) increased by 2,300% – climbing from $1.5M to over $36M.
Man City Fan Token ($CITY) Spikes 32% Amid Volume Influx
The massive influx of trade volume was accompanied by a 32% price spike for the Manchester City Fan Token ($CITY), which increased from $0.57 up to $0.75.
As seen in the chart above, the price spike was short lived, and eventually declined throughout the day even as volume continued to increase.
Despite the price decline, the $CITY token still managed to hold onto 6.5% of its gains over the 24 hour period.
Pulling back to the weekly view, the price of $CITY has increased by 13.2% from its weekly low of $0.54.
City Hope for Arsenal Slip Up
City are currently five points behind league leaders Arsenal ($AFC), while Arsenal’s opponents this weekend, Aston Villa ($AVL), are just one point behind City.
City are heavy favourites to beat Sunderland at the Etihad Stadium on Saturday, and most City fans will likely be temporary Aston Villa fans, even if just for one weekend.
If Villa can get a result against Arsenal, and City beat Sunderland, City will move to within just two points of the Gunners. This would mark a huge leap forward for City in a season which Arsenal have dominated thus far.
Could the massive $35M influx of trade volume for $CITY be a sign that traders are expecting City to gain distance on Arsenal this weekend?
Greg Thomson: Fan Tokens Market Reporter
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