New cryptocurrencies are a dime a dozen right now. However, for every hundred new tokens that are released, just one or two catch the mainstream crypto community's attention. One such cryptocurrency is Football Stars, whose price has gone parabolic within the past 48 hours.
As the name suggests, Football Stars is connected with the football (soccer) scene, letting fans buy and sell collectible soccer cards as non-fungible tokens (NFTs). Considering how popular collectible soccer cards are among sports fans, could Football Stars become the next hottest cryptocurrency?
What's Football Stars?
Football Stars is a Binance Smart Chain cryptocurrency that was launched on May 24, trading at just a fraction of a penny. The token's price was stable until June 8, when a surge in popularity boosted the token to just over one-tenth of a penny.
This surge followed the project’s announcement of a new NFT project that would let users buy and sell football-related collectible cards. This includes athlete trading cards, all of which are unique and have a limited supply. There are over 42,000 token holders at the moment.
Among the project's recent Twitter announcements is its Marcelo Brozovic card launch. There are just ten tokens available for sale, and bidding has already started. Football Stars aims to be a one-stop shop for all things soccer, rather than just a sports-based NFT platform.
Why sports-based cryptos are exploding
Football Stars isn’t the only sports-based blockchain project to hit the market. Altcoin investors may be familiar with Chiliz, a cross-sport platform that lets teams set up their own cryptocurrency tokens to be traded among fans. NFTs are also connected to the Chiliz platform, although it primarily focuses on “fan tokens.” As Football Stars is exclusively a soccer-based platform and Chiliz has teams from a variety of sports, their target markets aren't identical.
Will Football Stars go to the moon?
Football Stars skyrocketed to as much as $0.0013 before tumbling down to around $0.0005. From their lowest to highest point, prices were up by around 100 times, or 10,000 percent. Considering this growth took place in less than 24 hours, Football Stars is among this year's best-performing cryptocurrencies.
However, with prices back down again, it’s questionable whether we’ll see another spike. A lot of new cryptos are just a “flash in the pan” and fail to become anything serious. It also doesn’t help that Football Stars' website is still under construction. Although the project is still new, it doesn’t build confidence in people searching for it if the project doesn't even have a website.
Investors may be better off look for altcoins with a longer growth momentum. Coins like SafeMoon have soared for weeks, giving investors plenty of room to ride the wave. As of right now, we don't know whether Football Stars will rise again or fade into obscurity.