Key Takeaways:
- ARG, the Fan Token of the Argentine Football Association, tanked 35%
- The Lionel Messi-led team lost it's World Cup opening match to Saudi Arabia
- Salman bin Abdulaziz Al Saud, the King of Saudi Arabia, declared November 23 as public holiday to celebrate the victory
YEREVAN (CoinChapter.com) — The Argentine Football Association’s crypto fan token (ARG) tanked nearly 35% following the country’s embarrassing loss to Saudi Arabia in the ongoing World Cup. The South American nation lost 2-1 to the Kingdom of Saudi Arabia, sending shockwaves through the competition.
Following captain Lionel Messi’s opening goal in the 10th minute of the game (thanks to a penalty kick), the stage seemed set for what many thought would be a cakewalk win. However, two subsequent goals by the Saudis in the 48th and 53rd minutes turned the entire game on its head.
Five spectacular saves by Saudi Arabia’s goalkeeper Mohammed Al Owais not only earned him the Man of the Match award but also sealed the fates of the Argentine side.
The Argentine national squad is considered one of the favorites in the competition. It won the World Cup twice, in 1978 and 1986, and has been runners-up thrice, in 1930, 1990, and 2014.
Lionel Messi fans hoping to see him lift the World Cup for the first time in his career had their hopes dashed. The Saudis are the weakest side in Group C. If Argentina could not perform well against them, what would they do against relatively stronger Mexico and Poland, the other two squads in the group?
Argentina Football Fan Token (ARG) tanks
The disappointing performance of the Argentine squad had repercussions on the crypto industry. ARG, the crypto fan token of the Argentine Football Association (AFS), took a hit. AFS is the governing body of football in Argentina.
According to CoinGecko data, the token plummeted over 34% following the shocking loss. It tanked from $7.20 at the start of the match to a low of $4.96 on November 22.
The fall comes after a rally that saw the ARG price go to $9.07 on November 18.
It has partially recovered since and currently trades at $5.37 per token. However, ARG is still down around 28% in the last 24 hours. Meanwhile, it remains about 16% up from a month ago, when it traded for $4.62 on October 23, 2022.
It has a circulating supply of 4.1 Million ARG coins and a total supply of 20 Million.
The Fan Token allows Argentinian National Football Team fans to influence certain team decisions. Token holders can participate through voting rights on Socios.com, corresponding to the number of tokens they hold.
While the ARG may be down now, it still has room to rally if Argentia puts up a good performance in the upcoming matches. Early investors will certainly reap profits if they win the World Cup.
Recommended: National Team Fan Tokens Surge Ahead of 2022 FIFA World Cup
Saudi King declares holiday after defeating Argentina
Salman bin Abdulaziz Al Saud, the King of Saudi Arabia, has declared a public holiday on November 23 to mark his nation’s win over Argentina.
According to the official announcement, all workers in the public and private sectors and students of all genders would get the day off in celebration of the Kingdom’s victory.
The decision of King Salman was posted on Twitter. It caused as much global admiration as the win, receiving around 50,000 retweets.
Educational institutions with scheduled exams had to postpone them to mark the occasion.
“Based on the leadership’s directives…tomorrow, Wednesday, 11-23-2022, will be a holiday in all sectors. Accordingly, all Wednesday exams will be postponed to suitable dates…,”
King Abdulaziz University (KAU) in Jeddah announced.
Saudi Arabia coach Hervé Renard has previously won the African Cup of Nations as coach of Zambia and Ivory Coast in 2012 and 2015, respectively. With his proven track record, he will be looking to add another feather to his cap with the Gulf Nation.
Meanwhile, as the Argentina Football Fan Token (ARG) looks to recover, the Football World Cup will have more surprises.
