Why Did the Everton FC Fan Token ($EFC) Just Jump 24.7%?

The Everton FC Fan Token ($EFC) is the largest gainer in the SportFi market over the last 24 hours, its value having jumped 24.7% since yesterday.

So, what’s happening? And how likely is it that the momentum will continue in the short-term?

What’s Driving Everton FC Fan Token Value?

Currently valued at $0.097, $EFC started to pick up steam, seemingly out of nowhere, on Monday evening as trade volumes surged to $573,168 from less than $100k hours earlier, per Socios.com.

On the face of it, the daily gains of the Everton FC Fan Token ($EFC) are difficult to fathom: the club lost 2-1 to West Ham Utd on Saturday (Apr. 25), a result that followed defeat in the Merseyside derby last weekend (Apr. 19).

In fact, it’s been over a month since David Moyes’ team recorded a victory, a thumping 3-0 demolition of Chelsea at the Hill Dickinson Stadium.

Despite their recent middling form, though, Everton are in a decent position: sitting 11th in the league table, they are just three points off sixth, meaning they are still contenders for next season’s Europa League.

The weekend’s results actually favoured Everton, in that the three teams below them also lost, while only one of the four teams between them and sixth place registered a victory (Fulham).

Nevertheless, none of this really explains why $EFC suddenly started to surge on Monday, outperforming not only leading digital assets like BTC and ETH but also every other Fan Token in circulation.

Incredibly, trade volumes for $EFC are currently over $1M, meaning they have risen by around 900% since yesterday.

There are a few possibilities that might explain the suddenly buoyant sentiment driving $EFC. Yesterday, rumours came to light that Everton were preparing to make a swoop for Aston Villa ($AVL) captain John McGinn. The Scotsman has been instrumental to the success of Villa this season, and the Birmingham club have a shot of finishing third.

While it might seem to be a strange move for McGinn, particularly given Villa could earn Champions League football, if Everton were to secure his services it would be a major coup.

Another possible explanation for $EFC’s sudden rise is simply that traders have recognized the token is undervalued given they remain in the hunt for a Europa League spot, with four games remaining.

What’s Next for Everton?

Everton return to action next Monday (May 4) at home to title contenders Manchester City, before travelling to Crystal Palace (May 10), hosting Sunderland (May 17) and concluding their campaign away to Tottenham Hotspur (May 24).

As to whether the upward trajectory of $EFC will continue in the short term, it seems unlikely given there’s an entire week to go until their next match. This token is certainly one to watch from now until the end of the season, though.

Ronnie McCluskey: Fan Tokens Market Reporter