Crypto

ARG Token Surges 107% as Argentina Reaches Copa America Final

ARG Token Soars 107% to $2.32 as Argentina Reaches Copa America Final, Market Cap Hits $27.85 Million

By Bill Bullington

7/11, 05:16 EDT
Bitcoin / U.S. dollar
article-main-img

Key Takeaway

  • Argentina's ARG token surged 107% to $2.32 after advancing to the Copa America final, with a market value of $27.85 million.
  • The ARG token's 24-hour trading volume hit $23.57 million, significantly outpacing other soccer fan tokens like Paris Saint-Germain.
  • The ARG-Turkish lira pair on Paribu dominated trading activity, accounting for 88% of the total volume in the past 24 hours.

Argentina Fan Token Soars

Defending champions Argentina have advanced to the finals of the Copa America soccer tournament, leading to a significant surge in the market value of the country's fan token, ARG. According to CoinMarketCap, the price of the Argentina Football Association's cryptocurrency has risen 107% to $2.32 since the team's 2-0 victory over Canada. This marks the highest level for the token since May 30, with a 70% increase in the past 24 hours alone. The market value of ARG has soared to $27.85 million, making it the second-highest among soccer fan tokens. However, it still falls short of the record $32.4 million reached before the 2022 Qatar World Cup, which Argentina also won.

ARG is currently the most heavily traded soccer fan token. Its 24-hour trading volume stands at $23.57 million, nearly four times more than the Paris Saint-Germain fan token, which is the largest soccer token by market value. The ARG-Turkish lira (ARG/TRY) pair listed on the centralized exchange Paribu accounted for 88% of the total volume in the past 24 hours. In contrast, the ARG-chiliz token (ARG/CHZ) pair listed on Chiliz.net contributed just 0.17% of the global activity.

Chiliz.net is the trading platform for all sports and entertainment tokens partnered with Chiliz ($CHZ) and Socios.com. The Argentine Football Association tapped Socios.com, a fan-engagement platform powered by the Chiliz blockchain, to issue the ARG token in 2021. Token holders can win access to unique team activities, experiences, and VIP services, including meeting the team's players and access to the Estadio Monumental in Buenos Aires, Argentina.

Messi's Meme Coin Promotion

Soccer legend Lionel Messi recently promoted the Solana-based meme coin WATER on his Instagram story, leading to a 350% surge in the token's price. Messi shared an image displaying the token's mascot, a cartoon glass of water, perched on his shoulder, with a link to the project's Instagram page. Following the post, WATER jumped from $0.00032 to $0.00146 in just two hours, a surge of 356%. The token has since pulled back and is currently trading at just over $0.001, up 215.6% in the last 24 hours, according to CoinMarketCap. WATER has a market cap of around $94 million and a 24-hour trading volume of slightly under $40 million.

The project's website claims that WATER "aims to have a net-positive impact on the real world with the help of charity," though it does not elaborate on how this will be achieved. One of the exchanges where WATER is available for purchase is Bitget, which may explain Messi's apparent endorsement. The Argentinian Inter Miami star has been partnered with Bitget since October 2022. Messi's media relations team could not be reached for comment.

Several celebrities, including media personality Caitlyn Jenner and rapper Iggy Azalea, have cashed in on meme coin season earlier this year, minting tokens on the Solana blockchain. These activities have been met with accusations of attempting to make a fast buck from unsuspecting followers. Messi's post was met with skepticism from some commentators in the crypto community. Analyst @ericonomics wrote on X, "They will probably rug [pull] soon so make yourself a favour and don't buy that sh*t." He added, "Third token scam that Messi promotes. The first one was Leafty, which was a rug (they removed the liquidity like 5 days later lol). The second one was Planet, a slow rug that is like -90% since that promotion."

Subsequently, former Brazilian soccer superstar Ronaldinho also promoted the project on Instagram, leading to a slight bump in the token's price. Ronaldinho could not be reached for comment.