Fan token PSG rallies on Lionel Messi’s Paris Saint-Germain recruitment

  • Lionel Messi joins Paris Sain-Germain on a two-year deal
  • His compensation will involve the PSG crypto token
  • PSG/USDT rallied up in response

JAIPUR (Coinchapter.com) – Paris Saint-Germain’s official fan token, PSG, rallied after the French club signed up Argentine football superstar Lionel Messi. The PSG/USDT spot pair posted 14% gains and hit an intraday high of $42.96 on Thursday.

The rally reversed the downtrend in which PSG dropped almost 40% from the $61.5 local high recorded on Tuesday. Rumors linked to Messi joining Paris Saint Germain had caused the PSG/USDT post pair to achieve the said high.

The football champion, too, had hinted at a possibility on Sunday, but the deal became official on Wednesday. After that, however, the fan token’s momentum buckled under quick profit-taking by sellers. Prices reversed only after the announcement of Messi’s compensation model on Thursday.

Messi’s Pay Will Include PSG Tokens

Paris Saint-Germain will pay Messi a $41 million annual salary and a $30 million signing fee, partially with $PSG fan tokens (powered by Socios.com, the club’s fan token provider) as a part of his “welcome package.”

“In a world first for such a high-profile signing, Leo Messi received a large number of ‘$PSG Fan Tokens’.”

read the first line of the official announcement.

The French club reported that the latest Messi development and the club’s other signings led to a flurry of interest in $PSG Fan Tokens amongst fans. Additionally, PSG trading volumes exceeding $1.2 billion in the days preceding the move.

But the club’s fan asset assumed a rocky course, as bears surprised bulls in anticipation of quick profits.

PSG/USDT rally lost steam owing to overbearing selling pressure
PSG/USDT rally lost steam owing to overbearing selling pressure. Source: PSG/USDT on TradingView.com

However, Chiliz (CHZ), Socios’ native token, rallied 16% to tap a multi-month high of $0.36 after the news broke out.

Related: Chiliz bucks the weekend bearish trend by surging 15% intraday; what’s next for CHZ?

PSG currently trades at $39.8 at the time of writing. Will the asset find renewed bullish support to head up higher? Let’s see.

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