Despite inconsistent results, the valuation of the Atlético Madrid Fan Token ($ATM) has climbed 66% in the past eight days, according to live price data from socios.com.

Two defeats in three games wouldn’t ordinarily coincide with a rise in Fan Token value, but that’s exactly what’s happened to Atlético Madrid over the past eight days.

Despite failing to score in those league defeats, which saw Diego Simeone’s men fall from third in the table to fourth, Atlético’s Fan Token has been one of the biggest winners over the past week and the best performer in Europe’s top five leagues.

So, what’s the explanation?

How Value of $ATM Rose Amid Erratic Form

It’s been ten days since the Atlético Madrid Fan Token ($ATM) started to climb, modestly at first before exploding north on Feb. 10. The day $ATM flipped from gradual decline to gentle rise, the team hammered Real Betis 5-0 away in the Copa del Rey quarterfinal.

What is curious about the rise, however, is that its momentum was completely unimpeded by a 1-0 league defeat (Feb. 8) to the same Real Betis team they’d swept aside in the cup.

The day after that game, trade volume for $ATM surged to $9.5 million, up from $404,163 the day before (+2,250%), per price data from Socios.com.

On Feb. 10, two days before Atlético’s crunch Copa del Rey semifinal first leg against Barcelona, the value of $ATM climbed from $0.885 to $1.44, an incredible jump of 62.7%. Trade volume also exceeded $41m on that date.

Inevitably, things cooled off after $ATM hit $1.44, its highest price since October, but the token still held firm above $1 and recommenced its climb after Atlético’s memorable 4-0 demolition of Barcelona in the cup. By Feb. 15, $ATM had reached $1.55, while 24hr trade volume stood at $20.6m.

If you were looking purely at the market data, you would have assumed that Atlético recorded another emphatic win on Feb. 15. But they actually lost that day, a chastening 3-0 defeat away to 17th-placed Rayo Vallecano.

Atlético have now slipped to fourth, behind Villarreal on goal difference, and they sit just four points above a Real Betis side who are on an upward trajectory having won their last three.

Over the last eight days (Feb. 8-16), the value of $ATM has risen from $0.852 to $1.42, a gain of 66.66%. Ironically, the same percentage reflects their recent loss-rate.

What’s Driving the Positive Sentiment?

It is evident that the token was perceived to be undervalued on Feb. 5, having been in decline since mid-January. The timing of the Barcelona match helped $ATM maintain momentum, and the latest league defeat hasn’t really dampened spirits.

READ MORE: What Causes Some Fan Tokens to Pump on “No News” and What It Means

The token’s imperviousness to the latest defeat probably stems from the fact that Atlético are competing on other fronts: between this week and next, they could seal progress to the Champions League last-16, providing they beat Club Brugge over two legs (Feb. 18/24). On Mar. 3, they go to the Nou Camp for the concluding leg of the Copa del Rey semifinal.

In short, the next fortnight could make or break Atlético’s season, irrespective of their domestic form. Making $ATM a token worth watching in the weeks ahead.

Ronnie McCluskey: Fan Tokens Market Reporter