Argentina won the 2022 FIFA World Cup in Qatar after defeating France during a penalty shootout. However, despite being the first time that Argentina has won the title since 1986, the Argentine Football Association (ARG) fan token has not performed well, with the token dropping by 53% over the past 24 hours.

Argentina fan icon down 53%

Fan icons have exploded in popularity over the past year. These tokens tend to perform according to the performance of the broader cryptocurrency market. However, in some cases, the performance of the token depends on the performance of the respective teams. However, the recent victory of Argentina against France did not create bullish sentiment for ARG.

On December 18, Argentina achieved a historic victory over France during the final of the FIFA World Cup Qatar 2022. This is the first time that Argentina has won this title since 1986. The final match was also historic, as it may be the last time that Lionel Messi plays in one of the matches. World Cup finals.

The match between Argentina and France ended in a penalty shootout, with Argentine players Dybala, Messi, Montiel and Paredes securing victory for their country. While the Argentine fans celebrated the victory, holders of the ARG fan symbol were left counting the losses.

Before the final match started, the ARG token was trading at around $6. However, it has lost more than half of its value since then and at the time of writing the token was trading at $2.82 according to Queen Gekko. In the past 24 hours, the coin has been trading between a range of $2.74 to $6.34, which indicates a significant increase in volatility. ARG’s trading volume in the last 24 hours is $5.85 million.

What happened?

The fan token was expected to pump ARG after Argentina’s victory, but that is no longer the case, as seen in the sharp downtrend recorded over the past day. One of the reasons behind this bearish sentiment may be the end of the FIFA World Cup hype.

Football fan tokens have recorded high trading volumes since the start of the World Cup. However, now that the sporting event is over, there is not much price action expected from these tokens. Therefore, this may have affected the ARG’s bullish selling pressure yesterday as traders dumped their expectations that the rally that had developed in the past few weeks might fade.

Furthermore, the broader cryptocurrency market remains bearish, and the gains made by ARG after the $6 level were set to be followed by a significant price correction. In the past 24 hours, little action has been observed in the broader market, with bitcoin and most altcoins trading in the red. The global cryptocurrency market capitalization is $840 billion, according to CoinGecko, after a slight decline in the past 24 hours.

The direction the ARG Fan token takes from this point depends largely on how the broader market performs. However, with the World Cup over, volatility can drop significantly.

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