The Price Dive: Sneakers Meet Crypto

A now-famous post from a Chinese cryptocurrency trader is waving a red flag for sneaker-backed tokens, particularly those linked to the iconic Nike Air Jordans. According to a report from Reuters, the trader shared insight on Weibo regarding a significant 10% drop in these tokens’ value on American exchanges. Apparently, it seems that sneaker speculators couldn’t hold onto their kicks—or their crypto cash.
“It’s clear sneaker speculators were pulling money out of the market,” the trader said. And who wouldn’t take flight when there’s a storm brewing on the court?

The NBA’s Scandalous Tweet

This crypto shake-up comes in the wake of an infamous tweet by Houston Rockets’ Daryl Morey, who threw his hat in the ring for Hong Kong’s anti-government protesters. Although Morey quickly retracted his tweet, the damage was done. The Chinese state media lit the torch and accused him of supporting a so-called “secessionist pipe dream,” triggering outrage among basketball fans in mainland China.

Crunching the Numbers

The numbers don’t lie. Reports have emerged that tokens linked to the Air Jordan 1 Retro High Satin Black Toe sneakers have plummeted by a staggering 34% after the Morey backlash. This decline is particularly pronounced in the arena known as global digital asset exchange, specifically 55.com—where traders, restricted from domestic platforms, find refuge. Here’s how it works: they use Alipay or WeChat to convert yuan into Tether (USDT) and shop around for tokens with all the fervor of sneakerheads searching for the latest drop.

The Bigger Picture: The NBA’s Chinese Market

The NBA isn’t just playing for fun; its estimated Chinese market holds a whopping $4 billion. This economically influenced sport sees sneaker sales intertwined with political sentiments. George Gao, a sneaker influencer with a following of over 38,000 on YouTube, noted that the response from fans this time is unprecedented, making it clear that politics plays a role in the court of style.

Cryptocurrency in Protest

Meanwhile, in the land of protest, cryptocurrencies like Bitcoin are becoming the go-to for Hong Kong’s pro-democracy activists. Bitcoin’s trading volumes skyrocketed during the summer protests, with traders seeking a safe haven for their finances. LocalBitcoins even shows Bitcoin trading at a premium, proving the coin’s worth while civil liberties are in peril. Morgan Creek Digital co-founder came forward to state that Bitcoin’s non-seizability has raised eyebrows and interest alike, especially for those facing the wrath of an authoritarian regime.