According to data from CoinMarketCap, fan token trade volume jumped 219.98% in the past day to $1.08 billion, while the entire token group's market capitalization
The 24-hour trading volume of fan crypto tokens has surpassed $1 billion, with fan tokens of European esports organization OG, powered by Chiliz, making up more than half of the volume.
According to data from CoinMarketCap, fan token trade volume increased by 219.98% over the past day to reach $1.08 billion, while the total market capitalization of the token group also rose by 15.94% to reach $348.5 million.
Most of the trading volume over the past day was generated by OG Fan Token, the fan crypto token for European esports organization OG, which is powered by Chiliz (CRYPTO: CHZ). As per the data, over 51 million OG tokens were traded over the past 24 hours, amounting to a trading volume of around $563 million.
On Binance alone, around $282.33 million was traded on the OG-USDT pair, which is even higher than the past 24-hour trading volume of major tokens like Toncoin (CRYPTO: TON) and Cardano (CRYPTO: ADA) on the exchange.
Related Indices: CRYPTOAGG
OG’s price also increased by 87% over the past 24 hours, or around 245% over the past seven days, to trade at $10.50. Several other sports fan tokens also saw significant increases in price — Santos FC’s fan token surged by 58% to trade at $4.59, and the Alpine F1 Team Fan Token increased by 23.65% to trade at $1.54.
What To Know About Fan Tokens: As reported by Binance, fan tokens are cryptocurrencies that allow sports fans to participate in decision-making processes within their favorite sports teams or leagues. These digital assets often come with exclusive benefits, such as the ability to vote on team merchandise or participate in once-in-a-lifetime experiences.
Several major sports teams and leagues around the world have launched their own fan tokens, including European soccer giants FC Barcelona, Manchester City, and AC Milan, as well as Formula One, the Ultimate Fighting Championship (UFC), and the National Basketball Association (NBA).
These fan tokens are typically used to power fan engagement platforms, which allow fans to connect with each other and their favorite teams in new and innovative ways. For example, the Socios fan engagement platform, which is powered by Chiliz, allows fan token holders to participate in polls and vote on decisions related to their favorite teams.