Spanish Fan Token (SNFT) Slumps 20% Despite Spain's Euro 2024 Triumph

IconCryptoNewsTerminal Staff15 Jul, 2024

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Spanish Fan Token (SNFT) Slumps 20% Despite Spain's Euro 2024 Triumph

Despite Spain's thrilling victory over England in the UEFA Euro 2024, the Spanish Fan Token (SNFT) has experienced a sharp decline in value. According to Coindesk, SNFT has plummeted by 20%, attributed to the trend of fan tokens experiencing price surges in anticipation of major tournaments and subsequent drops afterward. As of writing, SNFT is trading at $0.02474, representing a 17.27% decrease, based on data from CoinMarketCap. This trend, known as "buy the rumor, sell the news," suggests that traders and investors buy fan tokens in anticipation of increased demand and hype surrounding major events and then sell them after the event has passed. Experts observe that this pattern has become increasingly common in the fan token market.

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