Boardroom Drama and Cup Finals Fuel Fan Token Action
This week we saw an example of Fan Token prices being affected by events from the entire spectrum of the sporting industry – from the boardroom to the pitch.
From takeover bids to cup finals, let’s take a look at the biggest stories in the Fan Token world this week.
Juventus Receive (and Reject) Takeover Bid from Tether
Crypto stablecoin firm, Tether, submitted a bid to buy Juventus Football Club this week, in a deal which would have been worth $1.3 billion. Tether, led by boyhood Juventus fan, Paulo Ardoino, stated it was prepared to invest $1 billion in the development of Juventus if the bid was accepted – which may have been the spark that ignited an instant reaction by the Juventus Fan Token ($JUV).
In the space of a few hours the $JUV valuation had jumped 46%, while over $100 million worth of trade volume flooded into $JUV markets – the highest influx of trade volume in four months.
Eventually, word broke that the majority shareholders of Juventus had no intention of selling their shares to Tether or anyone else, and the $JUV price cooled off. Despite that, however, the token price remains 18% higher than it was prior to the Tether bid.
Intercontinental Cup Final Fuels Price Action
One of the lesser-known cross-continent cups on the footballing calendar, the FIFA Intercontinental Cup was still enough to fuel trading action for the Fan Tokens involved.
As PSG prepared to face off against Brazilian double-winners Flamengo, the anticipation was enough to send the Flamengo Fan Token ($MENGO) up 10.6%, while trade volume more than doubled the day before the match.
A 1-1 draw over 90 minutes eventually resulted in a penalty shootout, which PSG won 2-1, with Flamengo missing four out of the five penalties they took, and PSG missing two out of four.
OG Fan Token Climbs as OG Esports Progresses in DOTA 2 Tournament
The OG Esports team battled its way through six rounds of the DOTA 2 DreamLeague competition this week, eventually making its way to the playoffs.
The OG Fan Token ($OG) responded with 8.9% growth upon OG making the playoffs, while trade volume rose from $2.2 million to over $10 million.
The OG team lost in their first playoff match, but are still in the competition and are set to play their next match today, on Dec. 19.