Place/Date: - November 26th, 2022 at 10:14 am UTC · 3 min read
Source: Snowfall Protocol
The FIFA World Cup 2022 in Qatar has finally begun, and soccer fans from all over the world are flocking to Doha to watch the competition.
However, football fan-token holders may not be overjoyed seeing how their valuable coins are being savaged by merciless crypto bears. This includes the majority of traders’ positions in Chiliz (CHZ) and Algorand (ALGO).
As it becomes increasingly difficult to keep up with the volatility and new lows, most investors are opting to cut their losses. More astute investors are transferring their funds to promising projects like Snowfall Protocol (SNW) in an effort to recoup their losses—and it’s working! Keep reading to learn how.
But first, let’s take a look at why sports tokens Chiliz (CHZ) and Algorand (ALGO) are struggling.
Algorand’s native token (ALGO) has been in free fall since hitting a high of $2.99 in November 2021. However, as the World Cup in Qatar approached, the token began to gain traction. FIFA’s global governing board chose Algorand (ALGO) as its official blockchain partner in May 2022, causing fundamental investors to buy the news and drive the token up. However, as the event began on November 20, the token experienced a massive drop as the investors took profits.
The selloff resulted in a breakdown below $0.28, which has become key resistance. Today (Nov.23), Algorand (ALGO) continues downwards at $0.23, with the next closest support level at $0.20.
As Ecuador humiliated Qatar 2-0 on November 20, Algorand (ALGO) was not the only token investors were cashing out.
Chiliz (CHZ), the company behind the majority of sporting fan tokens and a sponsor of Binance Football Fever, accelerated by 80% in the weeks leading up to the World Cup debut. However, the investors exiting the markets as the World Cup started caused the price of Chiliz (CHZ) to fall too.
However, it is the ongoing complaints about Qatar that have served Chiliz (CHZ) the final blow. Fans who traveled to watch the long-awaited action have been vocal in their displeasure with the basic living conditions in Qatar. The Anonymous Group and other human rights advocates are now calling for boycotting the ongoing World Cup event. This has spread Fear, Uncertainty, and Doubt (FUD) throughout the crypto ecosystem, causing many investors to pull out. At press time, Chiliz (CHZ) trades at $0.1973, down from $0.27 a day before the World cup.
Snowfall Protocol (SNW) is a multi-chain-future-focused platform that simplifies cross-chain communication by removing technical barriers that currently impede the industry. Their dApp allows users to swap fungible and non-fungible tokens between chains quickly and easily.
Snowfall Protocol (SNW) has experienced a spectacular 500% price increase in its second round of presale, and the trend is expected to continue. The token is expected to return over 1500% to first-round investors and over 1000% to second-round investors. The second round of presale is already 80% complete, as the protocol continues to pique the interest of investors. Register for presale today before the time runs out. Only 7 days to go!
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