This Is Why Chiliz (CHZ) Scores 10% Gains: Upbit to List Top Soccer Fan Tokens

This Is Why Chiliz (CHZ) Scores 10% Gains: Upbit to List Top Soccer Fan Tokens

  • Upbit crypto exchange announced the listing of seven fan tokens.
  • Soccer token Chiliz (CHZ) is getting ready to launch Chiliz 2.0 upgrade.
  • Following the news, CHZ surges 10%.

The soccer fan token powerhouse Chiliz shot up in double-digits this week after a continuous bloodbath during the FIFA World Cup 2022. The soccer-related blockchain is back with 10% weekly gains but still has a long way to go to recover the $0.15 multi-year support line.

Moreover, the price movement comes right after the largest South Korean crypto exchange announced the listing of seven cryptocurrencies tied to the most established European soccer clubs. The new listing includes FC Barcelona, AC Milan, Manchester City, Napoli, Inter Milan, Arsenal, and Atletico Madrid.

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BNB Whales Make Moves Following the News

Furthermore, the sudden increase in the CHZ market price woke up the whales on the BNB chain. According to the LookOnChain analytics tool, two BNB whales withdrew over $2 million worth of Chiliz (CHZ) from Binance.

One whale cashed out 8,899,972 CHZ tokens, while the following transaction by another BNB whale took out another 9,435,590. To sum up, the aforementioned whales withdrew $2.1 million after Upbit announced the inclusion of seven top European football club tokens.

Chiliz Among TOP 5 Gainers of the Day

Despite plunging throughout the bigger part of the second half of 2022, the soccer-related blockchain that powers now emerges as one of the most used smart contracts this week and one of the TOP five biggest gainers of the day.

At press time, the #57 ranked altcoin is priced at $0.111535, according to CoinGecko. With a 6.7% increase in the last 24 hours and a healthy 10% weekly growth, the team behind Chiliz (CHZ) is in preparation for the launch of Chiliz 2.0. In November 2022, the developers released Scoville Tesnet Phase 5, which allows staking and governance on the new testnet.

On the Flipside

  • CHZ had to let go of 63.4% of its market value since the beginning of 2022.
  • The market cap has shrunk dramatically since January 2022, going from $1.50bn to $595 million.

Why You Should Care

CHZ is the go-to blockchain for European soccer-related cryptocurrencies. Hence, the NFT platform has scooped up $20.5M in revenue per year and announced expansion plans for 2023.

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