Updated: October 8, 2024, 5:04 AM EDT
The 24-hour trading volume of fan cryptocurrency tokens exceeded $1 billion, with the Chiliz-based OG Esports fan cryptocurrency accounting for more than half.
According to data from CoinMarketCap, Fan Token trading volume increased 219.98% over the past day to $1.08 billion, while the market capitalization of the entire token group increased 15.94% to $348.5 million.
Most of the trading volume over the past day has come from OG Fan Tokens, a cryptocurrency for supporters of European esports group OG. Over the past day, more than 51 million OG tokens have been traded, worth approximately $563 million.
On Binance alone, approximately $282.33 million was traded in the OG-USDT pair, which exceeds the past day’s volume of major tokens such as Toncoin and Cardano on the exchange.
The price of OG is also up 87% in the last 24 hours and about 245% in the last 7 days to trade at $10.50. Several other sports fan tokens have seen significant price increases. Santos FC’s fan tokens surged 58% to $4.59, while Alpine F1 team fan tokens jumped 23.65% to $1.54.
Fan Tokens are cryptocurrencies that allow sports fans to participate in the decision-making process within their favorite sports team or league. These digital assets often offer exclusive benefits, such as voting for team merchandise or participating in special events.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.