Why did Santos Fan Token's (SANTOS) volume soar over 9600%?

Highlights

• The SANTOS crypto allows token holders to have immersive experiences of the Santos FC Football club. 
• Santos Fan Token (SANTOS) has been grabbing the headlines following its rally of over 115% on 18 May, with a volume gain of over 9500% in the last 24 hours. 
• On 18 May, the SANTOS crypto was trading at US$3.73 at 7 am GMT with a trading volume of US$11,16,21,969 over a day, according to CoinMarketCap.

The crypto market is still struggling after the last week’s bloodbath. The global crypto market, which is gripped under the prolonged bearish run, is now reduced to US$1.29 trillion – a dip of 1.11% in the past 24 hours from US$1.42 trillion a week ago. But a few tokens are grabbing attention with their stellar performance. Santos Fan Token has been in news following its rally of over 115% and an astonishing volume gain of over 9500% in the past 24 hours. 

The Santos crypto is primarily built on top of the Binance Smart Chain protocol, and it allows the holders access to immersive experiences of the Santos FC Football club. The fan tokens are designed in such a manner that it allows the fans to relive the fan moment and connect with teams and players on a larger scale.

Why is SANTOS Token rallying?

Santos FC Fan Token token is rallying on the back of the Binance listing on 16 May. Though the listing took place two days ago, the deposits were only opened on 17 May. The users and enthusiasts can now buy and trade tokens on the platform in the SANTOS/USD and SANTOS/USDT pairs. The users will get an opportunity to buy Santos FC Fan Tokens using debit cards or via bank transfers. 

Also read: How Terra's (LUNA) US$30 bn crash is benefitting this crypto

This rally has been crucial considering the global crypto market situation, which has not been in favour of cryptos. But crypto investors will take heart from the fact that though the crypto market may be down, the fan token market cap has received a significant bump of over 24.3% and was at US$US$222,268,639, the volume was well over 450%. 

Image credit: 2022 Kalkine Media®

It's not just Santo's token, in fact, leading fan tokens such as Paris Saint-Germain Fan Token (PSG), Manchester City Fan Token (CITY), SS Lazio Fan Token (LAZIO), etc., all have seen an uptick but not as significant as the SANTOS crypto. 

Image credit: Trading View

Today's rally is visible on the charts as well as we can see a sudden uptick since 16 May with more buyers entering the market, raising the RSI to 57.69 at the time of writing (4:34 AM GMT+1).

Also read: Why this Japanese Bitcoin is on a hot streak in crypto market?

With the Santos FC Fan Token, the users will get a chance to participate in polls, access collectibles and NFTs, and can unlock fan rewards, etc., to make the most from it. 

How is SANTOS crypto's price faring?

The SANTOS crypto was trading at US$3.73 with a trading volume of US$11,16,21,969 over a day, according to CoinMarketCap. The 666th ranked SANTOS token was up by 115.95% with a live market cap of US $1,76,34,572 with 4,550,000 SANTOS coins in circulation. 

What's heartening is the fact that SANTOS crypto has been rallying over the past 14 days or so with a rally of 7.3%. The volume has got a significant boost following its Binance listing and is attracting investors with a rally of 9670.94% in the past 24 hours. 

Having said that, as the crypto market is currently very volatile, the investors will do well to tread carefully in the domain and must conduct their market research properly before venturing into the market. 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.