The defending Super Bowl champion Los Angeles Rams are having a tough 2022 NFL season, but the team isn't the only one that might be suffering from a Super Bowl hangover.
Several notable cryptocurrency-related companies that ran ads during the big game or were involved in some way have seen 2022 as a year to forget.
What Happened: The 2022 Super Bowl saw a huge influx of cryptocurrency-related companies spending millions on Super Bowl commercials, which led to the nickname of The Crypto Bowl by some.
Among these companies were Crypto.com, Coinbase Global Inc (NASDAQ:COIN), BitBuy (in Canada) and FTX.
Since the airing of the big game on Comcast Corporation (NASDAQ:CMCSA)-owned NBC, the price of many cryptocurrencies have fallen.
Crypto.com has been forced to cut jobs due to the crypto bear market.
SoFi Technologies Inc (NASDAQ:SOFI) didn’t air a Super Bowl commercial but saw its company mentioned plenty around the big game. SoFI has the naming rights to the California NFL stadium where Super Bowl LVI was played, which is also the home of the Rams and Los Angeles Chargers.
Related Link: Best FTX Alternatives: How To Keep Your Crypto Safe
Super Bowl Curse: When it was announced that there were a large number of cryptocurrency companies advertising as part of the big game, some compared it to the high number of dot-com companies that aired ads during the 2000 Super Bowl.
Many of the companies, such as OnMoney.com, that aired commercials during the Super Bowl in 2000 are no longer in existence, a potential foreshadowing to the cryptocurrency-related companies that aired ads in 2022 and now face questionable futures with the declining prices of cryptocurrencies such as Bitcoin.
Investors who bought Bitcoin or stock in the crypto companies related to Super Bowl LVI are likely regretting the move and down on the post-Super Bowl year, much like the Rams.
Coinbase shares are down 78% since the closing Friday prior to the Super Bowl.
SoFi shares are down 64% since the closing Friday prior to the Super Bowl and hit a new 52-week low of $4.41 on Monday.
Bitcoin is down 62% from its high on Feb. 13, 2022, the date of the Super Bowl, to the time of writing with a current price of $16,210.61.
The FTX Token (CRYPTO: FTT) is down 97% from its high on the day of Super Bowl LVI.
Similar to the dot-com commercials that aired and were for companies forgotten, Super Bowl LVI could go down in history for its cryptocurrency-related ads.
What's Next: Fox Corporation (NASDAQ:FOX)(NASDAQ:FOXA) has the rights to Super Bowl LVII and was commanding $6.5 million to $7 million for 30-second ad slots. No word on if cryptocurrency companies have already committed to the big game or will be sitting the next one out, also likely like the defending champion Rams.
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