Santos FC Fan Token jumps over 130%: Why is SANTOS gaining traction?

The Santos FC Fan Token (SANTOS) seems to have caught the eyes of the crypto market enthusiasts, as seen by the notable jump in its price. The price of the SANTOS token rocketed nearly 133 per cent on Thursday morning, August 18, while its volume for the last 24 hours soared over 667 per cent.

Now, as the name suggests, SANTOS is a fan token. But let's dive deep into the token's features and other details before exploring its recent price and performance.

What is Santos FC Fan Token (SANTOS)?

SANTOS is a fan token of a football team, Santos FC. The token was launched through a partnership between the football club and Binance Launchpool. Santos FC, also known as Santos Futebol Clube, is a popular Brazilian football club in São Paulo.

The gaining popularity of the fan tokens often leaves people confused about the concept of these tokens. As per some analysts, the idea came after the football clubs were affected by the COVID-19 pandemic. While the fans were excited about the new concept of supporting their favourite clubs, the investors padded support to the enthusiasm.

The partnership between Santos FC and Binance was confirmed in November last year with the official statement released on the social media page of the football club.

By becoming a partner, Binance got the status of the sponsor and license while getting authorization for operating the non-fungible token products. Both parties claimed that the partnership's goal was simple, i.e. increasing engagement of the fans through creating a stronger relationship between the club and its fans.

In addition, the partnership also attracted several customers of Binance towards the project.

On the other hand, the SANTOS token holders could participate in several activities like voting while accessing fan rewards, digital collectibles, etc.

Although there is no news about the notable surge in the token's price, with the season going on, it may have attracted the attention of fans and crypto enthusiasts.

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Data Source: CoinMarketCap.com

Bottom line:

The SANTOS token was priced at US$ 13.79 at 8:24 am ET on August 18, showing an increase of 132.95 per cent. The soaring price gives it a market cap of about US$ 62.40 million, while its fully-diluted market cap stands at US$ 411.44 million. Besides, its one-day volume jumped 667.36 per cent to US$ 293.63 million at the time of drafting.

Looking at the recent performance of SANTOS crypto, it returned gains of over 187 per cent in the last seven days, while in the last 30 days or one month, its price rocketed around 247 per cent.

The maximum and total supply of the token stands at 30 million, and its current circulating supply is 4.55 million.

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