Chiliz, the crypto sporting project, experienced one of its crucial development since its launch. The native CHZ enjoyed an improved outlook following Scoville testnet implementation for Chiliz Chain2.0.
The platform has performed substantially (since then), attaining partnership deals with recognized sporting agencies and clubs.
What Next?
While publishing this content, CHZ enjoyed a staggering 15% increase over the past day to change hands at $0.14. Though broad market cues triggered a light drop, CHZ showed its potential to flourish with a significant increase from $0.08.
Moreover, an impressive market capitalization surge backed CHZ’s price surge. The metric climbed from below $500M in mid-June to press time levels at $844 million.
That confirmed the increased traction the altcoin has attained. Besides that, investors displayed interest in CHZ. As a result, the trading volume climbed to over 750 million.
Also, CHZ’s social dominance increase during the timeframe highlighted the uptrends. Meanwhile, social dominance in various metrics flashed a positive narrative over the week – social engagement and social mentions (LunaCrush data). Now, the question remains, what triggered such upticks?
Chiliz technology provider and owner Socios.com invested $100M in Barca Studios for a 24.5% stake in Barcelona’s distribution hub and digital content creation. Socios has invested in Spanish football and La Liga since 2019. CHZ resorted to uptrends following these developments.
Potential Concerns
CHZ’s exchange inflows outshined outflows despite the bullish developments. Therefore, the momentum appears to lean to the bearish side. That means Chiliz enthusiasts should maintain caution in the coming sessions.
While publishing this content, CHZ still hovered around the bottom area of the recent bear market during this publication.
Moreover, CHZ investors should watch the broad crypto spectrum for upcoming directions. The altcoin would hardly decouple from the market despite its latest surge. Moreover, Chiliz failed to extend its upside in its latest jump due to the overall market downturn.
Meanwhile, improved cryptocurrency sentiments would support alternative tokens, including CHZ. The crypto space attempted recoveries while publishing this blog amidst ongoing instability.
Bitcoin seems to reclaim the 23K mark, changing hands at $23,020 during this writing. Let us check what upcoming sessions will comprise.
Stay tuned.
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