Holders of the Flamengo fan token (MENGO), launched by the club and Socios.com in October last year, saw its price soar on Friday morning (23), considering a 24-hour period.

At around 8:30 am, MENGO was worth R$11, as shown by the data platform Coinmarketcap. At 2 am, to give you an idea, the Flamengo token was traded in the range of R$ 4.50. Therefore, the appreciation was above 100%.

At the time of writing, the cryptocurrency is undergoing a correction, trading at around R$10. However, the balance of holders remains positive, as in the last seven days MENGO has experienced a 150% rise. The accumulated of the last thirty days is also positive, in the range of 70%.

Fan token is a type of cryptocurrency created especially for fans and guarantees its holders exclusive benefits determined by the team itself.

MENGO token seven-day chart (Source: Coinmarketcap)

Voting in Flamengo

The rise in the price of the MENGO token could be related to a Flamengo action announced earlier in the week. This is a vote to choose a collection of club shirts with the theme of the Brazilian team, in which MENGO token holders can participate.

According to a publication on Flamengo’s website, the action, which started last Tuesday, runs until 11:59 pm on Saturday (24). The winning model will be revealed on Sunday (25).

Socios.com also disclosed the action in a tweet.

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