Chiliz (CHZ-USD) just hit a new six-week high, hitting $0.563 today. Whale wallets have been gobbling up CHZ like it’s Thanksgiving, with nearly 2 billion tokens accumulated over the past ten days. Let’s break down why Chiliz is the talk of the town.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Whales Make Waves
Over the past ten days, whale wallets have been on a CHZ feeding frenzy. We’re talking about addresses holding between 10 million and 100 million CHZ, which added 180 million tokens. Meanwhile, the big fish holding 1 billion or more CHZ snagged a whopping 1.44 billion tokens. This kind of accumulation usually signals that the big players are feeling bullish.
Santiment’s data shows that trade volume surged to a 22-month high on May 26. More buyers and sellers mean more action, and Chiliz is definitely getting a lot of love. Since May 26, Chiliz added nearly 15% to its value, holding onto the nearly 19% gain from the previous week.
Sports and Fan Tokens: Chiliz’s Secret Sauce
Chiliz is all about fan engagement in sports and entertainment. Fans can buy and trade tokens of their favorite teams, integrating blockchain into real-world fan experiences. This model is catching on fast, with major sports teams and organizations like UFC, PSG, and FC Barcelona jumping on board.
Paris Saint-Germain made waves by becoming the first sports team validator on the Chiliz blockchain, while the UAE’s professional league integrated Chiliz to boost fan engagement. This kind of adoption is gold for CHZ’s credibility and visibility in the crypto market.
The Technical Picture
Technically, Chiliz looks strong. The sports crypto market’s bullish vibes could propel CHZ even higher. Santiment’s Supply Distribution data shows a mixed bag, with a spike in addresses holding 1 million to 10 million CHZ, while those holding between 10 million and 100 million CHZ have dropped.
Retail trading addresses holding between 1,000 and 10,000 CHZ have also fallen this year, showing a shift in who’s holding what. Despite these fluctuations, Chiliz is currently breaking out on high volume. With whale investors backing it, the bullish outlook for CHZ is solid.
According to TipRanks’ Summary of Technical Indicators, Chiliz is a Buy.
Don’t let crypto give you a run for your money. Track coin prices here.
