Portugal Fightback Preserves World Cup Dream, Burns 2% of $POR Treasury

Cristiano Ronaldo’s Portugal came from behind to beat Croatia in a dramatic round-of-32 encounter, a result that triggered a burn of the winning team’s Fan Token™ treasury reserves.

Portugal maintained their unbeaten tournament form (2W, 2D) and can now look forward to a glamour tie against Spain in the last 16 (July 6).

Biggest Burn Yet as $POR Supply Drops

With knockout round wins triggering a burn of 2% of treasury reserves, compared to 1% for a group stage win, Portugal’s victory caused 137,919 $POR Fan Tokens™ to burn.

Their earlier group stage demolition of Uzbekistan had burned 69,656 $POR tokens on June 23, meaning 207,575 have now been destroyed from the treasury.

The percentage of the Portugal Fan Token™ ($POR) that is treasury is 35%. As such, a win-induced 1% burn of treasury holdings destroys around 0.35% of the token’s total supply.

Priced at $0.142 before the Croatia match, the value of $POR rose to $0.147 post-game (+3.5%) although it subsequently fell to $0.134, a drop of 5.6%.

The following 90 minutes (01:30 CEST to 03:00 CEST) then saw $POR stage a rally, with the token’s spot price climbing from $0.134 to $0.145 (+8.2%).

All in all, trading conditions have been choppy, although volumes stand at a healthy $790k the morning after the game.

$POR vs $SPAIN in Fan Token™ Faceoff

Portugal will face another unbeaten team in the last 16, European champions Spain, who are yet to concede from four games (3W, 1D).

Portugal defeated Spain on penalties in last year’s UEFA Nations League final after a 2-2 draw that saw goals from Cristiano Ronaldo and Mikel Oyarzabal, both of whom have scored multiple World Cup goals.

Against Croatia, Ronaldo converted a penalty to cancel out Perišić’s 53rd-minute opener, having already had a goal ruled out for offside. Incredibly, it was the 41-year-old’s first goal in a World Cup knockout game.

In a dramatic finale, with captain Ronaldo having been benched, substitute Gonçalo Ramos scored a 94th-minute winner and Josko Gvardiol’s 103rd-minute ‘equaliser’ was ruled out after a VAR check.

The winner of the Portugal vs Spain showdown will trigger a burn of 2.5% of their treasury Fan Token™ holdings. Spain has an even higher percentage of tokens in its treasury than Portugal (82%) and 987,824 $SPAIN tokens burned so far.

Ronnie McCluskey: Fan Tokens™ Market Reporter