The Block’s Sports Token Index has been one of the worst-performing baskets of assets in the market this week.
The UEFA European Football Championship kickstarted its 2024 tournament on June 15, igniting a wave of excitement among football fans worldwide. At face value, one would assume that sports-related crypto tokens, especially those tied to football, would perform admirably in light of this once-every-four-years event. However, the reality has been quite the opposite.
Since the tournament began on June 15, the index has significantly declined, with the cumulative market capitalization of these tokens dropping by ~12.8% at the time of writing. During the same period, BTC's price has decreased by 3%, while ETH's price has increased by roughly 1%. It’s worth noting the fan tokens in this index represent individual football clubs rather than international sporting federations. Even so, one might have expected these tokens to show some semblance of relative strength during a major football event. After all, the UEFA European Championship is a prime time for football enthusiasts to rally around their favorite teams, which should, in theory, bolster the value of related fan tokens.
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