Paris Saint-Germain Fan Token Surges 200% Then Weakens
Soccer star Lionel Messi is holding a press conference for joining Paris Saint-Germain. [Image source=Reuters Yonhap News]
[Asia Economy New York=Correspondent Baek Jong-min] Argentina's football hero Lionel Messi has also driven up the value of cryptocurrency.
According to CoinMarketCap on the 11th (local time), the cryptocurrency 'Paris Saint-Germain Fan Token' surged to $58 the previous day. The Paris Saint-Germain Fan Token was traded at $20 on the 5th.
The reason the 'superstar' Messi's signing with Paris Saint-Germain caused the Paris Saint-Germain Fan Token price to soar.
However, after Messi confirmed his signing with Paris Saint-Germain and held a press conference, the Paris Saint-Germain Fan Token price turned downward.
The Paris Saint-Germain Fan Token fell 20% that day, trading at $39.4. Despite the decline, the Paris Saint-Germain Token has doubled compared to before the news of Messi's transfer was announced.
The blockchain company Socios.com, which developed the Paris Saint-Germain Fan Token, also warned, "Fan tokens are meant for enjoyment, not as investment tools."
Meanwhile, on the same day, the cryptocurrency Bitcoin was trading at $46,546, up 2.1%, Ethereum rose 3.3% to $3,254, and Dogecoin surged 9.4% to 28.1 cents.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
