Chiliz (CHZ) Jumps Over 40%: Reasons Behind The Hot Streak

Christian Encila

1 year ago

3 mins read

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Chiliz (CHZ), the crypto powering fan engagement in sports and entertainment, is on fire, erupting 45% in the past week and leaving both fans and analysts cheering. This meteoric rise isn’t just about passion play though, with hard data pointing to growing institutional interest and even whale whispers driving the rally.

CHZ price action today: Source: Coingecko

Chiliz Volume, Open Interest Soar

The past 24 hours have been particularly wild, with CHZ surging over 20% and trading volume spiking a staggering 490%. This translates to a whopping $370 million worth of Chiliz changing hands, a clear signal of heightened activity.

But it’s not just day traders jumping in – open interest, a measure of investor commitment, has also ballooned by 86%, reaching a healthy $50 million.

Source: Coinglass

This surge in open interest, especially on major exchanges like Binance, Bybit, and OKX, suggests a growing conviction in CHZ’s potential. And it’s not just a hunch – industry experts are taking notice.

Many see this Chiliz rally as a potential harbinger of a broader trend, where blockchain and the world of sports and entertainment become increasingly intertwined.

Source: Coinglass

Fan Engagement, Whales Boost CHZ

But what’s fueling this fire? One key factor is the rising popularity of Socios, Chiliz’s fan engagement platform. Socios lets fans own and use “Fan Tokens” to influence their favorite teams, a proposition resonating deeply with the sports-crazed masses.

And it’s not just lip service – recent liquidations of nearly $1 million worth of short positions (bets on CHZ falling) show the real bite behind fan sentiment.

Chiliz currently trading at $0.107789 on the daily chart: TradingView.com

Adding fuel to the flames are the whales, those mysterious holders of vast crypto fortunes. Addresses with wallets bulging with 1 million to 10 million CHZ have been on a buying spree, accumulating over 60 million CHZ in the past month alone. This silent accumulation, worth over $6 million, hints at a deeper confidence in Chiliz’s long-term trajectory.

Looking ahead, the technical indicators like RSI and MACD suggest a bit of profit-taking might be on the horizon, a natural breather after such a rapid ascent.

But for CHZ holders, the overall picture remains bullish, with the fundamentals and data pointing towards a continued climb. So, whether you’re a die-hard sports fan or a crypto enthusiast, keep an eye on Chiliz – this rally might just be the first inning of a much bigger game.

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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