The Manchester City Fan Token saw its trading volume soar on Tuesday amid rumours that the five-time Ballon d’Or winner Cristiano Ronaldo could be set for a controversial return to Manchester.
At 8:18 AM BST on August 24, CoinMarketCap reported the CITY token to have a 24-hour trading volume of $7.321m. 24 hours later, this trading volume was $157.929m.
Earlier this month, the PSG Fan Token price and trading volume surged following the French club’s signing of Lionel Messi.
CITY Fan Token Price Increase
Since rumours of Ronaldo’s transfer first surfaced, the CITY token has fluctuated in price between $25 and $29. It currently sits at $26.58 at the time of writing – up 17.09% in the last week.
This price is 25% from the CITY Fan Token’s all-time high of $35.83 on May 28.
Manchester City and Juventus have yet to agree to a deal for Ronaldo, reports Sky Sports.
The trading volume of the CITY token has since dropped to $46.808m as of August 26.
Manchester City is among several elite football clubs to partner with Socios to launch a Fan Token. The likes of Paris-Saint Germain, Juventus, FC Barcelona, and Arsenal all have their own tokens. Premier League sides Everton, Leeds United and Aston Villa will also release their own Fan Tokens in the future.
Socios, the company behind Fan Tokens, describes them as "a new digital asset for fans” that gives supporters the power to impact decisions, alongside gaining access to rewards and promotions.
However, some supporters have expressed their opposition to these Fan Token schemes.
Malcolm Clarke, the chair of the Football Supporters’ Association told Reuters that through Fan Tokens, clubs are either trying to make money by giving fans the chance to choose how clubs operate, or are attempting to make money from supporters through “inconsequential ‘engagement’ online polls.”