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PSG and AS Roma tokens challenge the sports token crisis
Sports token markets are seeing two key coins, Paris Saint Germain (PSG) and AS Roma fan tokens, buck the downward trend in fan tokens, with the two tokens rising after the recent European success and a push towards the semi-finals.
The provocative bullish moves by the two major sports tokens come as crypto tokens are under immense selling pressure, with a market-wide sell-off trend over the past two years for most fan tokens.
Although Bitcoin and top altcoins are relatively solid, rising from 2023 levels, sports tokens are still reeling from the landfill.
Inter Milan (INTER), Juventus (JUV), Barcelona FC (BAR) and others continue to collapse in a bleak winter.
INTER and BAR tokens drop, PSG and ASR soar
Of note, INTER and BAR tokens recorded heavy losses following their elimination from one of Europe’s most important football competitions, the Champions League.
In this context of crisis, the token fans of Paris Saint-Germain (PSG) and AS Roma (ASR) seem to be bucking the trend.
When writing, the data IntoTheBlock Shows that PSG changes hands at around $5, just down $2 from the all-time highs recorded at the start of 2023.
However, the take-off of the ASR token has been impressive. So far, it is trading around all-time highs, changing hands at $4, down less than a dollar from all-time highs set this month.
BAR, PSG and ASR tokens are examples of the multiple sports assets minted by Socios.com on the Chilliz blockchain. Owners can participate in official team surveys, earn rewards and even receive points.
The more points you accumulate, the greater your chances of accessing unique fan experiences and other exclusive benefits.
CoinMarketCap says tokens for sports fans command a market capitalization of more than $450 million.
PSG and AS Roma are aiming for continental success
The PSG token rose after theirs victory last week they beat Barcelona in the Champions League quarter-finals, taking them to the semi-finals. Now they will meet the German club Borussia Dortmund.
Following this win, the token rose from $3.8 to $5.2. Meanwhile, after being eliminated by the competition, BAR fell from $3.1 to $2.7 over the same period.
While PSG dominates the Champions League conversation, another club is making waves in the Europa League: AS Roma.
Since the departure of manager Jose Mourinho, Roma have shown impressive form, fueling their hopes of securing the Europa League title this season.
as Roma eliminated one of their toughest opponents in Serie A, AC Milan, who won the scudetto last season, reaching the semi-finals. They will face German champions Bayern Leverkusen for a place in the final.
Their European success saw the ASR token nearly double in April. If ASR and PSG capture the European and Champions League titles, their respective stocks will likely reach new all-time highs.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital