Chiliz (CHZ) Up By +130% in the Past Month

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Last Updated on 25 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Chiliz, the sports fan token, has witnessed tremendous growth within the last few weeks. More specifically, this uptrend started when Alexandre, the CEO of Chiliz, gave a glimpse of CHZ 2.0. Chiliz was created for the sports and entertainment sectors giving fans a chance to belong.

The CHZ blockchain has enabled gaming clubs and organizations to monetize fans’ suggestions and opinions. Through Chiliz technology, the gaming clubs and other organizations can create FTO (Fan Token Offering) with limited supply. CHZ has been trading in a sideways pattern for quite some time until recently.

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Chiliz (CHZ) up by +130% and more

Interestingly, CHZ registered a massive uptrend in its price at press time. In the last 30 days, Chiliz went up by a whopping 138%. And following this, Chiliz rose to be among the top 40 crypto assets by market cap. Even some of the dominant buyers flocked back into the network.

As a matter of fact, according to WhaleStats, CHZ made its way to the top 10 among 100 ETH whales. Additionally, trading volumes witnessed immense hikes between 22nd and 23rd August. Even though the trading surge went down to double digits, things could easily change within the next few days as we continue to witness deeper bullish trends.

Chiliz 2.0 Announcement and the bullish trend

Chances are, the 2.0 announcement had a crucial role in this trend. The network upgrade is divided into different phases, each with its significance. Currently, the network upgrade is at its fifth phase, β€˜Pequin’, which includes the cross-chain bridge in CHZ.

And according to Chiliz’s official Twitter account, this upgrade will be close to 8-times hotter than the JalapeΓ±os upgrade. The cross-bridge functionality is set to be the final upgrade stage in the Scoville Public testnet. And that explains why investors are bullish despite the small price rate in Chiliz.

In Summary

Chiliz (CHZ) has been breaking almost every resistant level possible since the announcement of CHZ 2.0. That could soon put Chiliz to its initial price that investors saw before at $0.5 or even move higher to beat the $1 mark. But unfortunately, due to a lack of a positive inflow, the token quickly reversed to a downtrend. All in all, Chiliz is successfully gaining support from investors and supporters.