Cristiano Ronaldo Double Inspires 14.8% Spike and First $POR Fan Token™ Burn

After fierce criticism of his performance in Portugal’s 1-1 draw with DR Congo, Cristiano Ronaldo rolled back the years in a 5-0 demolition of Uzbekistan to get the nation’s World Cup campaign up and running. 

Ronaldo’s first-half brace reminded doubters of his potency in the penalty box, and it was no surprise to see the Portugal Fan Token™ ($POR) rise in the aftermath, particularly since the win had caused 1% of treasury reserves to be burned.

Price Spikes 13.6% as 69,656 $POR Burns

Ronaldo’s goals meant he became the first player to score in six World Cups, and more history was made as the Portugal Fan Token™ ($POR) was subject to a 1% treasury burn for the first time.

In total, 69,656 $POR were burned from treasury holdings, reducing the token’s total supply from 6.97M to 6.9M. 

It was the fifth time a World Cup result had triggered a token burn, following Scotland’s win over Haiti, Spain’s defeat of Saudi Arabia, and back-to-back $ARG burns following Argentina’s Group J victories over Algeria and Austria.

In total, 533,510 Fan Tokens™ have now been burned from the treasuries of Scotland ($SFA), Spain ($SPAIN), Argentina ($ARG), and Portugal ($POR). Five of twelve eligible games have triggered a burn (41.6%), with six more group-stage games involving Fan Token™ clubs still to play.

The emphatic nature of Portugal’s win, coupled with the attendant on-chain burn, helped $POR rise from a spot price of $0.189 a few hours before the game to $0.217 just after (+14.8%).

Are Portugal Back in Contention?

Many critics had written off Portugal’s chances following their damp squib draw against DR Congo, which had prompted calls for Ronaldo to be dropped from the starting line-up. 

However, the 41-year-old captain’s assured performance against Uzbekistan, which saw him become the second oldest man to score at a World Cup, was the perfect response.

Although Portugal were heavy favourites against tournament debutants Uzbekistan, few expected them to dish out a 5-0 thrashing. Nor for five-time Ballon d’Or winner Ronaldo to end an 11-game goal drought at major tournaments.

CR7 was not the only player who shone for Portugal against Uzbekistan, with the likes of João Cancelo, Bruno Fernandes, and Nuno Mendes rising to the occasion.

Portugal are now second in Group K and must beat Colombia on June 27 to top the group, a result that would cause another 68,959 $POR tokens to be burned from treasury reserves.

With each win-inspired token burn, the circulating supply of said Fan Token™ becomes relatively more valuable, with burn percentages increasing with each round. 

The next possible burn is tonight (June 24), with underdogs Scotland needing a victory over Brazil to trigger a burn of 181,706 $SFA tokens.

Ronnie McCluskey: Fan Tokens™ Market Reporter