Fan tokens rise after Binance lists SANTOS, causing the asset to surge over 100%

Fan tokens have witnessed increased investor interest after Binance announced listing SANTOS, Santos FC Fan Token. After the listing announcement, other fan tokens, such as the Paris Saint-Germain fan token and the Manchester City fan token, have witnessed significant gains. 

Santos FC Fan Token attracted investors’ attention after surging by more than 100% after Binance, the world’s largest exchange by volume, listed the Fan token. According to data from Coinmarketcap, the token is currently trading at $7.08 with a 24-hour trading volume of $283.72 million. 

The token’s price is up by 113.55%, and its 24-hour trading volume is up by 2244.57%. There are a total of 5.55 million SANTOS tokens in circulation. According to Coinmarketcap, the token’s market cap is up triple figures and sits at around $37.27 million at the time of writing.

Binance lists SANTOS perpetual contract with a leverage of up to 75X 

After Binance listed futures for SANTOS, fan tokens are seeing major gains:

🔼 $SANTOS: $7.52 (+125.89%)
🔼 $LAZIO: $1.94 (+27.98%)
🔼 $PORTO: $2.05 (+25.83%)
🔼 $ALPINE: $1.65 (+22.65%)
🔼 $OG: $7.10 (+15.27%) pic.twitter.com/5FZgu1tr8A

— Satoshi Club (@esatoshiclub) October 28, 2024

Binance announced listing the Fan token on October 28th as a margined SANTOSUSDT perpetual contract with a leverage of up to 75X in a bid to expand its offerings. The launch has sparked a wave of frenzy across the Fan token ecosystem. 

The Fan token’s capped funding rate for SANTOS, when the listing happened, was set at +2.00% / -2.00%, and the exchange set the tick size of the digital asset at 0.001. Binance’s official announcement detailed that SANTOS’s listed perpetual contract is still susceptible to possible changes and adjustments in the future based on market prevailing risk conditions in the market post-listing. 

These potential changes could encompass adjustments in the future contract’s funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Nevertheless, the announcement by one of the top crypto exchanges has fueled a positive impact on the SANTOS price.

SANTOS listing sparks a ripple effect in the Fan token ecosystem

The impact on SANTOS has had a ripple effect on other Fan tokens as well. For instance, Alpine F1 Team Fan Token ALPINE has surged by 32.57% in the last 24 hours. The token’s 24-hour trading volume currently sits at $24,639,122, and the asset retails at $1.86. 

On the other hand, the S.S. Lazio fan token has also witnessed double-digit gains of 27.61% in the last 24 hours at the time of this publication. The fan token currently retails at $1.94, has a market cap of $16.6 million, and has a 24-hour trading volume of $52.5 million, per Coinmarketcap. 

FC Porto Fan token has surged significantly following Binance’s SANTOS listing. The token has risen 21.27% in the last 24 hours and 16.53% in the last seven days. The token retails for $1.97 with a market cap of 14.18 million and a 24-hour trading volume of 34.5 million.

Unfortunately, the ripple effect did not affect other fan tokens. Fan tokens belonging to Inter Milan ACM, Arsenal AFC, and Tottenham Hotspur SPURS hardly registered any changes in the same duration as SANTOS, while others such as Gaimin GMRX and Leeds United LUFC are down by double digits in the last seven days. 

Fan tokens from national teams Spain and Brazil registered 10% and 8.73% gains in the last 24 hours, respectively. Spain’s SNFT and Brazil’s BFT recorded 11% and 7.89% gains in the last seven days.