PSG Fan Token (PSG) volume soars over 250%: Is it Bitpanda listing impact?

Highlights

• The PSG Fan Token is primarily the utility token of the leading French football club and acts as a utility token. 
• The PSG token on 19 May, though is down by 5.61%, but it’s witnessing a considerable volume gain of over 250%.  
• The 552nd-ranked PSG fan token was trading at US$8.56 with a 24-hour trading volume of US$14,36,05,465 over a day, according to CoinMarketCap.

Various football teams have been looking to maximise their potential by connecting with fans more meaningfully and reliably. Fan Tokens are an excellent medium to not only connect with fans but also to maximise their revenue potential with the use of fan tokens. 

One of the fan tokens which has been making a significant mark on the market is the Paris Saint-Germain Fan Token (PSG). The PSG crypto is primarily the utility token of the leading French football club and acts as a utility token. Built on the Chiliz blockchain network, users can trade their respective PSG fan tokens on the Socios platform. 

The Socios app allows the users to interact with the club and give them some rights and club benefits. The PSG token on 19 May, though is down by 5.61%, but it’s witnessing a considerable volume gain of over 250%. 

Also Read: Can Bitcoin kick start a rally anytime soon?

Why is PSG Token’s volume rallying?

Launched in 2020, the token’s volume has been rallying on the back of the Austrian-based exchange Bitpanda listing on 18 May. The Bitpanda listing will allow the fans the voting rights to vote on club decisions and get exclusive access to access various VIP events. 

The overall fan tokens have been doing exceptionally well considering the overall market situation. With the crypto markets witnessing increased selling pressure, the market has dipped to US$1.24 trillion – a 3.80% loss in the past 24 hours. But the overall fan market has seen an uptick of 15.88% and a volume gain of over 110% and was trading at US$252,597,543 and a trading volume of US$1,070,404,396 on Thursday. 

Image credit: Twitter @bitpanda (Bitpanda)

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

How is PSG crypto's price faring?

The 552nd-ranked PSG fan token was trading at US$8.56 with a 24-hour trading volume of US$14,36,05,465 over a day, according to CoinMarketCap. The fan token was down by 5.61% with a live market cap of US$3,00,97,890 with 4 31,11,216 PSG coins in circulation.

The PSG crypto has been up by over 106% in the past week or so, and the Bitpanda listing has significantly boosted its volume attracting more investors onto its platform with a rally of 254.21% in the past 24 hours. 

But with volatility levels in the overall crypto market at their maximum, the investors will do well to study the trends and then take a call on investing in cryptocurrencies. Whether the rally in fan tokens will stay or fizzle out remains to be seen, but its investors will surely hope for a sustained momentum of the rally. 

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