Chiliz Token (CHZ) Gains 13% – Here’s Why
While the crypto market experience instability and slow recoveries, Chiliz (CHZ) token emerged as among the token gaining. While writing this blog, bears dominate the crypto world.
The cumulative capitalization of all digital coins lost 3.52% over the past day to $1.27 trillion. However, Chiliz decoupled from the bearish narrative to gain more than 13%.
Chiliz Introduce New DEX
The Chiliz platform’s native coin, which aids sports teams in launching fan tokens, dodged the current sentiment in the crypto space with a substantial leg up.
CHZ’s latest uptick saw it erasing all losses incurred last week. That comes as the leading crypto, BTC, remained under downside pressure. Bitcoin traded beneath the crucial $30,000 at this publication.
Chiliz CEO Alexandre Dreyfus declared the platform’s chain 2.0, introducing the first DEX for fan tokens. He added that the move would boost the token’s liquidity.
Nevertheless, the new decentralized exchange will also improve the ability to introduce new functionalities for third-party developers. The alternative coin responded to the news with an impressive uptick.
Chiliz 24hr Trading Volume Up 247%
While writing this blog post, CHZ traded at $0.134. nevertheless, the token remained 85% down from its $0.89 all-time peak. The trading platform Bitpanda listed several fan tokens by various soccer teams. Meanwhile, CHZ’s 24-hour trading volume witnessed a massive 247% surge to $209 million.
Remember, individuals that invest in fan tokens can interact with the soccer clubs. However, that has not triggered many effects on the marketplace. Some holders criticized that the perks aren’t worth it.
CHZ coin stayed down by over 38% within the past month because of the latest market-wide crash. Nevertheless, the token retained its 65th tank in the crypto-list by value. Chiliz tokens boast an overall market valuation of more than $806 million.
The question remains, can CHZ keep its bullish strength amid the current market outlook? As highlighted above, bears show dedication to erasing gains in the space. For instance, they have dragged BTC lower each time it reclaims the $30K value area.
CHZ might struggle to maintain its impressive gains amid such developments. Nevertheless, everything is possible in the crypto world. Stay tuned for the upcoming market direction.