Chiliz (CHZ) and Algorand (ALGO) Tumble Double-Digits Amid World Cup Kick-Off

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The FIFA World Cup 2022 in Qatar has finally kicked off as football fans from around the globe flock to Doha to witness the top-notch soccer competition. However, all of the football fan tokens are getting beaten down by the merciless crypto bears. That includes Chiliz (CHZ), Algorand (ALGO), and Cronos (CRO), all sponsors of the competition.

When it comes to national football team tokens, the situation is even worse. To illustrate, Brazil’s National Football Team Fan Token (BFT) is down by 20.9%, while Spain’s National Football Team Fan Token (SNFT) fell down to its knees with 17% in the red since the opening ceremony.

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Might just swoop in and buy the $ALGO dip again The connections are crazy.Main FIFA sponsor for the World Cup + their big event in Dubai is coming up ( @DecipherEvent )Thankful to Algorand for sponsoring my trip out there Get your tickets here: https://t.co/lwsEWRh4Ri

— MASON VERSLUIS (@MasonVersluis) November 21, 2022

World Cup Controversy Takes A Toll On Football Crypto

Both ‘World Cup’ and ‘Qatar’ are trending on Twitter this Monday morning as football fans express their anger at very basic living conditions in the cheap accommodation. Human rights activists, including the Anonymous Group, have shared their stance that the World Cup should be boycotted.

As if that wasn’t enough, memes surrounding the sloppy performance by the Qatar national team are widely being shared. Football spectators are still challenging the controversial offside call when Ecuador scored the first goal in the second minute. However, Casper The Friendly Ghost, the official mascot of FIFA World Cup 2022, is ready for action as Day Two promises big things for both English and American football enthusiasts.

Qatar has a ghost for a mascot. pic.twitter.com/pNVuvPYmLf

— MsGugstar (@MsGugstar) November 20, 2022

Chiliz (CHZ) And Algorand (ALGO) Take A Beating By The Bear

At press time, Chiliz (CHZ) trades at $0.192122, according to CoinGecko. The football fan token that powers most of the football club and national team tokens, and sponsors Binance Football Fever, has been on a downward slope in the last 24 hours, with an eye-watering 20.4% deficit. Besides, the last 24 hours indicate a significant decrease in the CHZ total market cap, as it went down by $300 million to just $1,024,430,728.

On the other hand, the 30th-ranked official sponsor of the tournament, altcoin Algorand (FIFA), trades at $0.247751 according to CoinGecko. Interestingly, Algorand (ALGO) hit the dirt on the opening day of the biggest sporting event. ALGO’s market price is 13% in the red for the last 24 hours, also totaling a 5.8% weekly deficit. Ultimately, it’s a part of a strong bearish trend, as CentralCharts indicate.

$CHZ $CHZUSDT #CHILIZ @Chiliz - Daily: CHILIZ - CHZ/USDT is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains... https://t.co/kIHIRWySUw

— CentralCharts EN (@CentralChartsEN) November 21, 2022

On the Flipside

• The two football-related blockchains Chiliz (CHZ) and Algorand (ALGO) had a solid bull run the last two weeks prior to the FIFA World Cup ’22.

Why You Should Care

As the FIFA World Cup ’22 is at the centre of attention, the controversy surrounding the major sporting event could have a heavy impact on football-related cryptocurrency prices.

Read the latest news on crypto and football:

Binance Holds Football Fiesta (NASDAQ:FRGI) Ahead of World Cup, Brings Games, Rewards, and More

Cristiano Ronaldo and Binance Partner for CR7 NFT Drop

See original on DailyCoin