Chiliz (CHZ) Up Over 100% in 30 Days, Here Are Possible Reasons
- The CHZ token has 147985 holders with Binance among the top investors.
- The Chiliz (CHZ) ecosystem is the fuel for the Socios.com network which has hundreds of team partners from around the world.
- Socios has over 120 partners in over 27 countries including Manchester City, Juventus, and FC Barcelona.
While the cryptocurrency market has been trending downwards, some crypto projects like Chiliz (CHZ) are recording notable gains. According to our market data, CHZ has gained approximately 122 percent in the past 30 days. At the time of publication, the crypto asset was exchanging hands at around $0.23, down approximately 6.6 percent in the past 24 hours.
For comparison purposes, Solana and Cardano are down approximately 3 percent in the past 30 days.
The CHZ token is well bolstered by both technical and fundamental aspects. Otherwise, the speculation aspect has played a role in the recent rally as new traders come into the crypto market.
According to data provided by ethplorer, the CHZ token has 147985 holders with Binance among the top investors.
Chiliz (CHZ) Market Outlook
The Chiliz (CHZ) ecosystem is the fuel for the Socios.com network which has hundreds of team partners from around the world. While there is no particular reason that the CHZ token has been rallying for the past few weeks, the football season is on, where Socios.com has notable partnerships.
Notably, Socios has over 120 partners in over 27 countries including Manchester City, Juventus, and FC Barcelona. The fan token market is expected to even get bigger recognition as the World Cup draws near. Additionally, other games including tennis, rugby, ice hockey, American football, and basketball are underway.
For this reason, the Chiliz and Socios ecosystem has attracted notable investors including institutional backing. However, founder and CEO, Alexandre Dreyfus, owns 76 percent through his personal holding Zokay Investments Ltd.
Other shareholders include DAZN Group Executive Vice Chairman and co-founder John Gleasure, French telecom mogul Xavier Niel, and Beijing-based venture capital firm Ceyuan Ventures.
To start with, the Chiliz network raised $66 million in 2018 through digital asset private placement. Along the way, the company has grown into a billion-dollar startup. Reportedly, the company has a treasury of more than $500 million of digital assets.
According to our market data, the CHZ token has a market capitalization of $ 1,372,007,828.15. The asset’s 24-hour trading volume stands at around $583 million, up 302 percent.
The Chiliz ecosystem is preparing to shift from being dependent on the Ethereum blockchain to launching new fan tokens. Notably, the Chiliz network recently announced its blockchain that enables Web3 development.
“We don’t have to rely forever only on ERC20 or ERC721 equivalent. At @chiliz we think we can bring some innovation on top of fungible tokens formats. As we work with 100+ of the biggest brands in the world, it’s easier to deploy and scale,” Dreyfus recently noted implying the Chiliz 2.o chain.
Notably, Socios has heavily invested in the marketing strategy, with Lionel Messi leading at the forefront on a deal expected to end in 2024.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
