Leading stablecoin issuer Tether announced earlier today it has invested in Italian football club Juventus FC, leading to a massive price rise not only for the clubs crypto fan token JUV, but also for other crypto fan tokens.
The price of Juventus Fan Token surged more than 200% before seeing a correction that brought the gain back to about 120% over the past 24 hours.
Juventus Fan Token's 30-day performance (CoinDesk)
The announcement moved the prices of several other fan tokens, with the S.S Lazio Fan token (LAZIO) jumping 11%. Similarly, the FC Porto fan token (PORTO) is up more than 10% for the day.
The Tottenham Hotspur fan token, the Paris Saint-Germain fan token, and the Napoli fan token — all tokens associated with European soccer clubs — are also among those posting gains following the news.