Fan tokens rise by 7% following UPbit listing
The exchange said the initial trading of the assets would be based on its users' deposits, and there could be "sudden price fluctuations due to excessive or insufficient liquidity."
South Korea’s largest crypto exchange UPbit said on Jan. 5 that it would list several fan tokens, including that of AC Milan (ACM), Atletico Madrid, Manchester City (CITY), Naples (NAP), Arsenal (AFC), Barcelona (BAR), and Inter Milan (INTER).
The exchange said the initial tradings of the assets would be based on its users’ deposits, and there could be “sudden price fluctuations due to excessive or insufficient liquidity.”
Meanwhile, the exchange added that it would only support deposits from Chiliz-chain for the fan tokens.
The CEO of Chiliz blockchain Alexandre Dreyfus said the network would bring more football and sports brands to South Korea because it is “one of the biggest crypto markets and with a massive fandom culture.”
Fan tokens rise 7%
CryptoSlate’s data shows that the fan token sector rose by 6.61% in the last 24 hours, continuing an impressive price performance that saw it grow over 10% in the previous seven days.
According to the data, the top 50 fan tokens by market cap posted gains in the last 24 hours, except for the Young Boy fan token, which lost 0.87% of its value.
Following the news, the UPbit-listed fan tokens all recorded massive gains. NAP saw the highest increase, surging 74% in the last 24 hours to $4.8. AFC rose 25.97% to $2.66, and INTER increased 9.2% to $2.29.
ACM was up 9.1% and trading for $2.61 as of press time, while CITY gained 7.75% to trade at $4.40, and BAR jumped 5.08% to $3.73.
Meanwhile, other fan tokens from football teams like Lazio, Fenerbahce, Millonarios FC, and Levante also saw double-digit gains in the last 24 hours.
On the seven days metrics, Napoli and Arsenal fan tokens were up by 84.48% and 40.9%, respectively.
Meanwhile, despite the improved performance of the fan tokens, they are still trading at a significant discount to their all-time highs.
Chiliz is up 10%
Chiliz (CHZ) also reacted positively to the support of its network by UPbit. CryptoSlate data shows that the sport-related token jumped by over 10% to $0.1155 but has now retraced to $0.11079 as of press time.
On-chain sleuth Lookonchain reported that whale addresses withdrew over 15 million tokens (around $2 million) from Binance.
Meanwhile, CryptoSlate data shows that tokens on the blockchain network have all increased by over 10% in the last 24 hours and by 13% over the previous seven days. Other fan tokens on the network include the Argentina fan token, UFC fan token, Aston Villa fan token, etc.