$NAP Fan Token Jumps 7.7% After Weekend Win Sends Napoli into Third
Napoli returned to winning ways this weekend with a 3-1 hammering of Atalanta after going two games without a win.
The three points were enough to take last season’s champions back into 3rd spot in the Italian Serie A – and Napoli’s climb up the table coincided with a 7.7% surge by the Napoli Fan Token ($NAP) on Monday, Nov. 24.
Napoli Fan Token ($NAP) Jumps 7.7%
From a daily low of $0.349, the spot price of the Napoli Fan Token ($NAP) climbed as high as $0.376 – amounting to gains of 7.7%.
As seen in the chart above, the Fan Token was subject to strong volatility, with two major spikes and declines – although the general trend remained upward, and continues to battle higher at time of writing.
The price spike was accompanied by an influx of trade volume which saw trading activity more than double in the space of a few hours. Volume increased from $417,000 to $847,000.
Last week, $NAP trade volume peaked as high as $6 million in the hours leading up to the game against Atalanta, while the token price spiked to $0.45 before falling back to the mid-$0.30 range.
This appears to have been a case of traders capitalizing on the expectation of a win against Atalanta, and cashing in on the result before the game had even taken place.
This is a common occurrence in the cryptocurrency space in general, where the common maxim is: “Buy the rumour; sell the news.”
The same trend is observed regularly in the run-up to Bitcoin mining-reward halvings, where the event is often priced into the asset’s valuation as much as six months before it actually occurs.
Given that football results depend to a large extent on current form, this trend appears on a much tighter time frame – in this case, a few days before the match was actually played.
Napoli Go Third After 3-1 Win Over Atalanta
Napoli scored three first-half goals to secure a win over Atalanta, for whom a second-half consolation goal wasn’t enough to change the outcome.
Napoli fan-favourite Scott McTominay set up the second goal for David Neres, who grabbed a double on the day.
Napoli now sit in 3rd position in Serie A, just two points behind league-leaders Roma, who Napoli are scheduled to play next week.
Greg Thomson: Fan Tokens Market Reporter