Spain jubilantly celebrates their triumph in the UEFA 2024 soccer championship, yet the national team’s cryptocurrency, the Spain National Fan Token (SNFT), remains unimpressed.

On Sunday, Spain bested England in the UEFA tournament finals, securing an unprecedented fourth European Championship title while England’s protracted quest for a major tournament victory endures. Despite this monumental win, the SNFT token plummeted by 20% to $0.024 within the past 24 hours, boasting a market capitalization of $565,000 at press time, as per Coingecko. In contrast, prominent fan tokens like those of Paris Saint-Germain and FC Barcelona saw a modest rise of 2% to 4%, paralleling an uptick in Bitcoin’s value.

The SNFT token, inaugurated in 2021 through a collaboration between the Royal Spanish Football Federation and the Turkish blockchain platform Bitci, aspires to amplify fan engagement and provide exclusive experiences for sports aficionados and investors.

The precipitous decline in SNFT’s price likely epitomizes a “sell the fact” scenario. Leading up to the final, prices soared over 70% to $0.03845. Research indicates that fan tokens generally experience speculative gains prior to major events and a subsequent decline post-event. This “buy the rumor, sell the fact” phenomenon was notably observed during the 2022 FIFA World Cup.

Read more: ARG Token Surges as Argentina Reaches Copa America Final

Scholars remain divided on the influence of soccer tournaments on the market valuation of fan tokens. A 2022 study by Mieszko Mazur and Miguel Vega explored the correlation between fan tokens and team performance, concluding that on-field success does not significantly impact fan token values, which tend to exhibit high volatility. The study noted, “Despite an initial trading day return of 150%, fan tokens underperform major cryptocurrency benchmarks like Bitcoin (BTC) and decentralized finance (DeFi) coins in the long run.”

Conversely, another study suggested that larger tournaments, such as the Champions League, have a more substantial effect on fan tokens due to their broader audience and higher prestige compared to regional leagues.