Skyrocket: This football-based token skyrockets 3,100% in just 24 hours

Synopsis

Within the last 24 hours, the token registered a rise of 1,400 per cent in volume with coins worth $5.56 million changing hands. It has a total marketcap of $33.7 million.

Qatar 2022 Token is a project that was created with the aim of bringing football and cryptocurrencies together so that users can enter the world of crypto football.New Delhi: Amid the turmoil in the crypto market, a lesser known tokens have turned the holders rich after its astronomical rise in the last 24 hours.

One such example is Qatar 2022 Token, named after the upcoming Fifa World Cup, which is scheduled to be hosted in Qatar in late November this year.

Qatar 2022 Token has spiked as much as 3,130 per cent within the given period. The token zoomed to $0.000000000323 from $0.00000000001 on Friday, according to the coinmarketcap data.
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This means that this token turned an investment of Rs 10,000 into Rs 3.23 lakh within a short span of merely 24 hours. The token was launched recently, the data shows.

Within the last 24 hours, the token registered a rise of 1,400 per cent in volume with coins worth $5.56 million changing hands. It has a total marketcap of $33.7 million.

The total and maximum supply of Qatar 2022 Token is capped at 200,000,000,000,000,000 FWC with its self reported circulating supply being at 99,712,041.00B FWC, at the time of writing this report.

Qatar 2022 Token is a project that was created with the aim of bringing football and cryptocurrencies together so that users can enter the world of crypto football.

FWC is a BEP-20 token designed for buying tickets to the World Cup, booking hotels, using various related services, placing bets, and participating in lotteries.

Football-related tokens have been on radar after the UK government announced sanctions against seven Russian oligarchs, including Roman Abramovich, the owner of Chelsea Soccer Club.

Qatar 2022 Token is a binance smart chain based digital currency platform that allows users to create digital currencies while maintaining security and safety.

Market players said that major football clubs like Liverpool and Barcelona are the latest entrants in the Metaverse and NFT arena and the rising charm of these sectors is a no brainer.

Riding high on the convergence of sports and crypto, Qatar 2022 Token is betting big on lottery, NFT and metaverse in the gaming space. Fan tokens are nothing new in sports now.

Sharat Chandra, VP – Research and Strategy, EarthID said that gaming is increasingly becoming the most preferred way to onboard users to the blockchain and web3.0 ecosystem.

“The whitepaper lists the goal of using this token in Metaverse and NFT football games,” Chandra added. “The token does offer real-world utility in terms of event tickets and hotel booking .”

Market experts are not surprised over the token. It is neither the first nor the last time, when a memecoin or a token with bleak fundamentals has pulled out a strong show, doing multibaggers in mere a few hours.

Ganesh Kompella, Venture Partner, Tykhe Block Ventures said that this past month since the market has been in kind of a limbo, there is a meme season going on binance smart chain.

“We have seen such examples in the past and this Qatar token seems like a meme. It has anonymous founders and most likely is a liquidity grab play,” he added, with caution while buying such coins, which may misfire during the euphoria.

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Updated: 03/11/2022 — 11:00