- As a blockchain-enabled fan token platform that promises to maximise not just its revenue, Socios fan tokens aims to increase the fanbase of major sports teams.
- On 19 May, the fan token market was up with an overall gain of around 16%, along with a volume gain of over 250% over a day, according to CoinMarketCap.
- The Socios Fan Tokens rally was mainly on the back of news of the launch of the Jalapeno launch – the second phase of its Scoville testnet on Chiliz Network.
At a time when the crypto market is gripped with extreme fear and bearishness, the fan tokens market is proving to be a better bet. While the global crypto market may be down to US$1.24 trillion – a dip of 3.42% in the past 24 hours, the fan tokens market is zooming.
It has registered profit gains of around 16% and a volume gain of over 250%. At the time of writing, the overall Fan token market cap stood at US$252,597,543, with a trading volume of US$1,070,404,396.
One of the fan tokens platforms which have grabbed eyeballs on 19 May is the Socios United Fan Tokens. As a blockchain-enabled fan token platform that promises to maximise not just its revenue, Socios fan tokens also aim to increase the fanbase of major sports teams.
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With some of the biggest names of the football industry like Manchester City, Barcelona, Paris Saint-Germain etc., offering their respective fan tokens, it was not a surprise to see that these tokens were up for a tremendous rally on 19 May.
What led to a rally in Socios Fan Tokens?
The Socios Fan Tokens rally was mainly on the back of news of the launch of the Jalapeno launch – the second phase of its Scoville testnet on Chiliz Network. Chilli protocol is the primary operation blockchain for the Socios platform, which drives its fan tokens market.
The Testnet launch, which was announced on 17 May, had an immediate impact on the tokens to expand and reduce the supply. Chiliz protocol announced that it would be burning 2000 JUV and Inter Fan tokens, allowing the fans to interact more precisely and vote on the governance of various fan tokens.
So, which Fan tokens stand to benefit?
All the fan tokens built on the Socios platform will benefit from the recent developments. Therefore, it was not a surprise to see the likes of PSG, City, JUV, Inter, FBAR etc., register gains of 2.72%, 7.29%, 22.10, 9.23%, and 4.94%, respectively.
However, in the bearish market, it’s crucial for an investor to remain cautious and do the respective market research before entering the space. Without proper research, the market participants can make decisions that are unsuitable for them, resulting in huge losses.
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