This study provides one of the first comprehensive examinations of how football-related events, social sentiment and benchmark cryptocurrency movements jointly shape the market dynamics of fan tokens. Using weekly data for tokens issued by 10 prominent football clubs, we analyse how prices, returns and trading volumes respond to match outcomes, player transfers, injuries and suspensions, as well as to broader drivers including the Crypto Fear & Greed Index, Google search trends and Bitcoin closing prices. Combining independent t-tests with multiple linear regression models, we show that on-pitch events, particularly wins, losses and player injuries, significantly affect both valuation and trading activity. Social sentiment and attention proxies emerge as the critical determinants of market behaviour, while Bitcoin demonstrates diverse influences across clubs. By documenting the association among sporting performance, investor sentiment and wider crypto-market conditions, the study offers actionable insights for token holders, football clubs and policymakers, and contributes to a deeper understanding of the behavioural foundations of this emerging class of digital assets.
Luo et al. (Sun,) studied this question.