Renowned Turkish Super Lig (league) team Galatasary’s title loss to rivals, Besiktas saw the former team’s fan token’s price drop 64% within the few hours following the match. Fan token price movements may offer insight into fan sentiment, as Galatasary – and overall football – followers appear to have expressed their displeasure, in the defeat.
Turkish football league legends, Galatasaray suffered a close defeat on Saturday, the 15th of May. The 3-1 loss to rival Istanbull squad, Beskistas, saw the Galatsaray Fan Token ($GAL) price recede 64.4% in the day since the match was played. The severe drop follows a climb – in the four days leading up to the match – to a price high of $31.93.
The football token’s price dropped to a low of $9.30, and is currently attempting a steady recovery, though things may still be shaky. The losing team’s fan token price movements – prior to, and following the title game – may reveal some interesting patterns regarding fan tokens, as $GAL’s price seemed heavily influenced by fan sentiment.
Fan tokens may be decent indicators of the value that sports fans place on the brands they support. Galatasaray fans appear to be a rather passionate army of supporters, as the team’s fan token climbed about 25.54 points – according to OKEx charts – in the days leading up to the match. Which indicates that Galatasaray fans likely expected a victory.
Instead, Beskistas took the title, making it the team’s 16title victory. Galatasaray, fans, and sports event speculating traders displayed their displeasure with a quick and scathing 64% drop (at time of writing.) Expressing their displeasure at the results. This may suggest an equities-like relationship between fan tokens, and their holders, where markets factor their belief in an enterprises’ value into its price.
Italian soccer team, Juventus’s $JUV, and iconic Spanish squad, Atletico Madrid’s $ATM token are both up in the leadup to important games. $JUV is up 45% in the lead up to their Copa Italia final on Wednesday, the 19th, while $ATM is up 530% in the lead up to today’s La Liga match against Osasuna.
This suggests that fan token price movement’s may reveal an indicator of fan sentiment. That, or speculators hoard the tokens in anticipation of them becoming valuable, on the chance that the chosen token’s team performs favorably. Which may explain the severe sell-off that followed Galatasaray’s loss.
