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PSG Fan Token Jumps 25% as Football Club Triumphs Over Barcelona
Paris Saint-Germain's fan token is one of several issued for sports clubs by the crypto company Socios.
Football club Paris Saint-Germain's fan token PSG spiked Tuesday as the French team secured a 4-1 victory over rival Barcelona in the UEFA Champions League quarterfinal.
The token jumped as much as 25% after a blistering rally that began with PSG's first goal early in the first half. It kept climbing until around midway through the second half, reaching $5.20 before selling off somewhat going into the victory.
STORY CONTINUES BELOW
Meanwhile, the fan token for Barcelona, BAR, fell as much as 4.2% on Tuesday after the defeat.
Despite the rally, PSG's token failed to hold firm above the $5 level it enjoyed as recently as April 12, according to CoinGecko.
PSG is one of a smattering of "fan tokens" issued for sports clubs by the crypto company Socios. Holders of the asset get to influence certain decisions at the club, according to its website.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
