FIFA coin price tumbles as traders confuse it with official NFT initiative

A little-known crypto token saw sharp volatility today.

FIFA surged over 67% in recent days before crashing more than 58% in the past 24 hours, according to CoinMarketCap data.

The token, trading under the symbol FIFA and priced at just $0.000000259, briefly drew attention amid speculative rumors that it was linked to the global football organization FIFA’s web3 initiatives.

The token is currently ranked #3534 on CoinMarketCap. There is no evidence that the FIFA token is connected to the official governing body.

You might also like: Galaxy CEO: Biden was ‘un-American’ to crypto, BTC to hit $150k

FIFA’s new NFT platform

The real FIFA made headlines in April after announcing plans to migrate its NFT platform, FIFA Collect, from the Algorand network to a new Ethereum Virtual Machine-compatible blockchain.

The update outlines a move aimed at improving interoperability and fan engagement via digital collectibles and real-world experiences.

FIFA stated that the migration is scheduled for no earlier than May 20 and will require users to connect through Ethereum Virtual Machine-compatible wallets such as MetaMask.

Meanwhile, the FIFA token remains highly speculative and lacks publicly available information about its developers, use case, or circulating supply. Its rapid rise and fall highlight the ongoing risks of misinterpreted news in the crypto market.

You might also like: Moo Deng price approaches support: 50% bounce possible on bullish rounded bottom

Source