Chiliz Fan Tokens Surge In Spite Of Weak Crypto Market Action

Chiliz fans tokens are surging, bucking the broader digital asset downtrend.

The 10 largest fan tokens by market cap each posted double-digit gains over the past week, according to CoinMarketCap.

OG, the token of the European Esports group of the same name, is the sector’s top gainer with a 163.8% weekly gain.

Among the top 10 fan tokens, the French soccer club Paris Saint-Germain’s PSG token is second with a 47.7% rally, followed by the Italian soccer team S.S. Lazio (LAZIO) with 33%, the Alpine F1 team (ALPINE) with 29.6%, and the Brazilian soccer team Santos FC (SANTOS) with 29.2%.

The rally coincided with fan tokens driving more than $1 billion in daily volume for the first time on Oct. 7, with OG accounting for $563 million. Volume has since retraced to $450 million.

The combined market cap of fan tokens is $322.7 million. CHZ, the native token of Chiliz, is up 15.4% over the past week.

Broader crypto markets flounder

The surging momentum in the fan token markets comes as digital assets are struggling, with the combined market cap of cryptocurrencies up 0.36% over the past seven days.

Bitcoin (BTC) is down 0.4%, Ethereum (ETH) is up 1.5%, Solana (SOL) gained 1.6%, and Toncoin (TON) dipped 3%.

The bearish performance comes amid renewed concerns regarding U.S. inflation after the consumer price index came in higher than expected, coupled with fears that the U.S. government may soon move to sell a stash of Bitcoin worth $4.4 billion seized from Silk Road.