The fan token, Chiliz (CHZ), has seen massive upticks within the past few weeks. That came as Alexander Dreyfus, CHZ founder, highlighted above CHZ 2.0, designed for the entertainment and sports sectors.
That would allow leading brands to create digital assets such as non-fungible tokens (NFTs) and Fan Tokens. Moreover, users utilize CHZ to pay all fees.
Chiliz: Too Hot to Taste?
Surprisingly, CHZ recorded a colossal price upsurge during this publication. The alternative token gained over 10% within the past day. Moreover, Chiliz noted a remarkable +150% surge within the last four weeks to trade near $0.24.
That saw the alternative token climbing to enter the top 40 cryptocurrency list by market capitalization. Also, dominant buyers joined the party, according to Santiment. Whale transfer hit the highest network count since March 29.
Santiment added that the CHZ rally might continue even amid profit-taking by whales. Santiment’s graph shows 105 $CHZ transactions participated. Furthermore, the whale activity tracking platform shows the alternative token joined the top ten by trading volume within the leading 100 Ethereum whales.
Such unprecedented activities and demand for the altcoin will build a buzz around the network. That was the case. Active addresses and trading volumes saw massive upticks between August 22 and 23. Nevertheless, the upside percentage decreased to double digits during this publication.
Meanwhile, the narrative might change as CHZ price witnesses more green penetrations. The social metrics show social mentions and engagements saw an over 50% increase (LunarCrush data). The CHZ 2.0 update might have played a crucial part in catalyzing actions within the Chiliz community.
Developers divided the platform upgrade into various phases with their respective importance and significance. For now, the network awaits its 5th rollout, the Pequin, which includes a cross-chain Chiliz bridge launch. The official tweet revealed that the Pequin upgrade would be 5-8 times hot than the previous Jalapenous update.
It offered the native CHZ a cross-bridge feature – which represented the last update in the Scoville Publish testnet. That may explain why Chiliz holders remain optimistic regardless of the minor price move.
