Why are soccer tokens pumping

[BitKongy]

The market is in red today but football tokens like Santos and every other are pumping on binance exchange, is there something going on with soccer right now? I am not a fan but I am just curious to know.

[hugeblack]

Perhaps because of the recent joke about Manchester United^[1]? I don't know, but it is stupid to invest in such tokens that have no value outside the platform and have no real use and do not represent the value of those sports teams, although I am puzzled how binance manages the legal aspects of such tokens/NFTs derived from real things.

[1] https://www.cnbc.com/2022/08/17/manchester-united-shares-rise-after-elon-musk-jokes-about-buying-the-club.html

[cryptoaddictchie]

Its like season of sports token which is quite dangerous to get involve with. As you can see,  its like Binance have some sort of season where same classes of tokens pump and also dump so its kinda scary to ride it without associated with such high risk attitude. Some probably are taking advantage of it and gonna do a massive dump after they got their profits straight.

[tbct_mt2]

We will see more pumps from fan tokens before the World Cup 2022.

Binance is very active to cooperate with soccer clubs from Europe to America continents. The Word Cup will not a big event and gives them big reasons to pump fan tokens.

Fan tokens will be very good for your portfolio this year but I don't advice to buy them now, today after they pumped crazy already. Wait and find other opportunities when they are in red and accumulate them.

[super bako]

Is this just a form to attract investors, then the pump that was made will disappear. In fact, sports token investors are very competitive, of course, the fans of the club might. I also want to avoid these tokens, which are unwanted things, of course the current season is still a bear altcoins

[Inspiron14]

I think maybe this is because the league has started,
both in the premier league, seria a, bundesliga and LaLiga all have taken place,
and of course the hype comes by itself, but indeed, Fan Token is almost like memecoin, the risk is too big,
for me, I still think twice about investing in it

[zasad@]

When the price of top coins drops, the pump of other, lesser-known coins begins. Personally, I am afraid to invest in coins like SANTOS when 95% of the trading of this coin is on binance and it is a token on the binance smart chain. It is impossible to predict the price, it can change in any direction.
https://www.coingecko.com/en/coins/santos-fc-fan-token#markets

[wheelz1200]

As the world cup gets closer to start time my guess is that the publicity will have an effect on price.  More news more buying.  Literally makes zero sense but that's the crypto world we live in right now lol.

[popeye95]

The only explanation I'd come up with for this bizarre scenario: Investors try to hoard any soccer tokens available on the market base on the outlook of the new season of major leagues around the EU start to warn up. This seems reasonable since seasons in 2020-2021 are all plagued with covid, low revenue reported from many teams. And since all soccer tokens are the low cap coins, very easy to pump it up if there is a strong interest in the coin.

[Tytanowy Janusz]

Santos, useless shitcoin, pomped by whale manipulation by XXX% and market did what it always does. Bought the rest of football shitcoins hoping they will pump too as hard as santot did. Just like when doge pumped sooner or later all meme coins pumped. We've seen it played out many times. Buy a little bit of each shitcoins of the same type. Pump one of them thanks to low liquidity and take profit on all of them. I would not touch it.

[MAAManda]

Maybe now traders have started to believe in sports tokens which are currently starting.  But all of this is the law of cryptocurrency trading which means that if many traders want this sports token, then what is clear is that the price of this token will continue to increase no matter what happens.

I'm not sure if traders start to believe in these fan tokens, the increase in these fan tokens seems to be purely from the hype that is happening. As we know that the big leagues in Europe have started, and this is the real driver of the hype. There is no reason to have more faith in various fan tokens, these tokens have no clear utility.

[lumbanrang]

Shit santos was even breaking new ATH again. I do believe if that was caused by the hype. This cycle was always happening. Lazio may did another break out but this is a very huge risk as investment. How lucky those who have been buying santos at the bottom.
WTF it was going even more than 400% instantly. What a pump from the whales.

Yes, I thought so too, this hike seemed unnatural and like being pumped on purpose by the whales. Should be more careful to invest in these coins, because the price could drop significantly.

[Coin_trader]

Hype and Shill due to the World Cup series on football. This fan token is useless which I can’t find any reasonable explanation why people are still buying this token without considering the risk involved. There’s no way that they are buying just because they are a fan of that sports team but rather they are just riding the hype and it cause a ripple effect to all fan token. Don’t ever consider buying this ticking time bomb coin because they will surely suffering huge loss on the upcoming days once there’s no new buyer fueling the hype pump.

I purchased once of this tokens but during the IEO on binance and I never do it again because the value sharply drops within a day after listing.

[Wincob]

Is there anything connecting these tokens to the real-life soccer clubs? How come they are all listed on binance exchange if they are crap projects?

[BIT-BENDER]

Well maybe because the new season has kicked off and many matches are trending this could be a possibility but regardless I would consider it a fake pump, I am not big time into Alt-coin in general and definitely I won't look into soccer coins (project) I really don't see it's utilities especially when am not even a fan of the team Although I think soccer clubs can be more successful if they focus on NFT market place especially big clubs with history.

[Oneandpure]

Pump and dump drastically happened with soccer token, last days Santos reaching almost 18$ based on OP picture but I check few minutes last Santos coin have drop drastically until $10. Usually with soccer token pumping have good news about their soccer team it self like Santos maybe have new recruitment on window transfer. But I don't see about Santos as favorite soccer team and not really famous, I think with drastically pump and dump not really recommended for trading or investing with soccer tokens and looks very risk when you try buy one of soccer tokens. Today I checked all soccer tokens have been dump although with soccer token support by Binance Lazio coins, I think keep away with soccer token is better than taking risk and afraid price drop again with all soccer token.

[inanilujimi]

I feel that the altcoin pump on binance is structured and systematic, because I also saw that a few days ago altcoins were pumped based on their value, such as altcoins around the price of 0.2 so their value increased by more than 30% on same day.

[Vvang]

The more risky a project is the more bigger your reward will be but if I have to invest in such project I will make sure they lose 98% of their value first, this way I will have a peace of mind and the chance of recovery will be high.

[Iced]

I'm not a real fan of these soccer tokens, seems like the Gambling Mafia is tying its hands on the crypto sphere :-)

[DoublerHunter]

Hype and Shill due to the World Cup series on football.
~snip~

^ It could be this is the main reason why these coins pumped too much and another factor could be, that it is just easy for this coin to manipulate the price because of the low volume. I am not a fan of this token investment because usually if they are not worth it to invest in the long term. It seems you gamble your money, it is very risky because the price of tokens usually suddenly pumps and when it has a correction, it will never come back, and that ios a start they will become a scam.