YEREVAN (CoinChapter.com) — Portugal National Team Fan Token (POR) on the Chiliz platform is tanking. Amid the ongoing FIFA World Cup, team fan tokens have become the talk of the town. Many traders have jumped on the opportunity to reap quick benefits from the outcome of the matches.
Days before the competition began, fan tokens associated with the various participating team had put out a strong rally. Besides POR, the Argentine Football Association’s crypto fan token (ARG) and the Spain National Football Team Fan Token (SNFT) had also rallied.
CHZ, the native token of the Chiliz blockchain, also surged over 80% between 10-19 November. It had rallied another 50% in the previous month amid the World Cup fever.
The Cristiano Ronaldo-led Portuguese side is among the favorites in the World Cup. Although it has never clinched the Coupe du Monde, it remains one of the strongest national squads in the game.
Supporters hoping to see them win the competition for the first time are also betting big on its fan token. The sudden rise in its popularity helped the token rally before the tournament commenced.
According to CoinMarketCap data, the Portugal National Team Fan Token (POR) rallied around 120% between November 10 and November 18. Within a single week, the price of POR jumped from $3.1852 to $7.004 per token.
Portugal is currently ranked 9 in the FIFA Men’s Ranking. It sits 165 points below Brazil, which lead the charts with 1841 points.
The impressive rally that had sent the Portugal National Team Fan Token (POR) above the $7 mark has hit a roadblock. Looking at how markets usually react to wins, POR was supposed to rally following Portugal’s thriller against Ghana. However, it has nosedived instead.
On October 24, Portugal kicked off its Qatar 2022 campaign with a nail-biting 3-2 win over Ghana. The highly-contested game was full of surprises. To say that it was not an easy win for the Portuguese side would be an understatement.
The match went goalless until the 65th minute when Cristiano Ronaldo opened the score with a penalty kick. However, less than 10 minutes later, in the 73rd minute of the game, Ghana’s André Ayew scored an equalizer.
Portuguese fans almost had their hopes dashed before their team scored two more back-to-back goals. This gave them a clear advantage. However, in the 89th minute, Ghana reduced the goal difference when number 11 Osman Bukari sent the all behind Portugal’s goalkeeper Diogo Costa.
Seconds before the final whistle, the African giants had another chance to score thanks to an error by Costa. However, Portugal was able to pull off a much-needed win at the end. In the end, Cristiano Ronaldo became the only male player to have scored in five World Cups.
The victory wasn’t enough to maintain Portugal National Team Fan Token’s rally.
Hours after the match, POR continued to tank. In the last 24 hours, it shed 18% from its price, falling from $4.93 to an intraday low of $3.9.
Recommended: Fan tokens surge ahead of the FIFA World Cup – more gains to come?
The price of the Portugal National Team Fan Token is not the only one heading south. In a similar fate, the Spain National Fan Token (SFNT) also tanked despite the team’s win.
On November 23rd, Spain thrashed Cost Rica 7-0 in a thrilling opener. The win came after its fan token, the SFNT, rallied over 140% in a single week.
However, at the time of writing, the token trades at $0.2419. This is over 50% below the $0.5336 from November 19, before the competition began.
As CoinChapter earlier reported, the Argentine Football Association’s crypto fan token (ARG) had also tanked 35%. The fall came after Lionel Messi’s team lost 2-1 to Saudi Arabia.
According to CoinMarketCap, the Brazil National Football Team Fan Token (BFT) has also tanked. At the time of writing, it has slid around 23% despite its 2-0 win against Serbia on Thursday.
With over three weeks to go until the final, there will be loads of surprises for the fans. However, it remains to be seen which token will rally as the teams get closer to the coveted title.
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