Pep Guardiola’s Manchester City have not tasted defeat since losing to Bayer Leverkusen on Nov. 25, and the feel-good factor among supporters has been reflected by the rising value of the eponymous Fan Token.

Currently second in the Premier League, just two points behind rivals Arsenal, City are building up a head of steam as the value of $CITY continues to climb.

Manchester City Fan Token ($CITY) Gains 33% Since Start of December

While City won four games and lost two in November, December has seen a marked uptick in form with seven wins from seven, including five in the Premier League.

Priced at $0.54 on December 1, the Manchester City Fan Token ($CITY) has trended upwards in tandem with the club’s win streak, and its current value of $0.72 means it has gained 33.3% since the start of the month.

The sharpest rise during that period was an intraday spike of 26.7% on Dec. 4, two days after City defeated Fulham 5-4 in perhaps the most entertaining Premier League match of the season so far. In the following days, 24hr trade volume for the Fan Token shot as high as $37 million.

Although Manchester City conceded four goals to Fulham, they subsequently kept clean sheets in comfortable victories over Sunderland, Crystal Palace, Brentford and West Ham United. In their latest fixture, on Dec. 27, a late goal from Rayan Cherki saw City claim a gritty 2-1 victory over Nottingham Forest to apply more pressure to league frontrunners Arsenal.

Why an Arsenal Loss Could Boost City’s Title Chances

Although the Manchester club don’t return to action until New Year’s Day, confidence in their title chances may improve if Arsenal fail to beat third-placed Aston Villa tomorrow night (Dec. 30).

Indeed, a win for Villa – who are unbeaten in 11 matches and managed by ex-Arsenal boss Unai Emery – would see the Birmingham club draw level with the Gunners at the league summit.

Although a Villa win would mean City drop down to third, many observers still believe Arsenal and Manchester City are the main contenders for the Premier League title. Thus, an Arsenal defeat could strengthen the case for City being crowned champions come May.

Manchester City have won four of the last five Premier League titles, and finished 13 points adrift of last season’s winners Liverpool.