Chiliz (CHZ) Coin cannot extend its previous massive gains, but it is still trading above $0.2111. Chiliz (CHZ) has gained nearly 40% week-to-date (WTD), reaching $0.2654 per token on August 24. As a result, the token has outperformed Bitcoin and Ether, which have fluctuated between gains and losses during the same period. The Chiliz (CHZ) coin was regarded as the market’s most well-known cryptocurrency project.
The Chiliz cryptocurrency, now known as a gaming coin, has grown significantly due to numerous partnerships in the sports industry, and the latest announcement on August 22 bolstered the recent gains. Alexandre Dreyfus, the founder of Chiliz, stated that Chiliz would stop using the Ethereum blockchain to launch its fungible and nonfungible coins instead of using its native chain, CHZ 2.0.
Chiliz Pumps 20% – Here’s Why
The current live price of Chiliz is $0.2111, and the 24-hour trading volume is $607 million. Chiliz had dropped by 10.27% the day before after gaining more than 40% in seven days. Chiliz is now ranked 41 on the market, with a live market value of $1.4 billion. There are currently 6,000,386,953 CHZ coins in circulation, with a total supply of 8,888,888,888 CHZ coins available.
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Chiliz to USe Native Chain CHZ 2.0
Alexandre Dreyfus, the creator of Chiliz, announced this week that the company would stop using the Ethereum blockchain to launch its fungible and nonfungible tokens and will use its native chain, CHZ 2.0.
— Alexandre Dreyfus (@alex_dreyfus) May 19, 2022
According to Dreyfus, we shouldn’t have to rely solely on the equivalent of ERC20 or ERC721. This statement was made on August 22; the same day CHZ experienced a 19% intraday price increase and a significant increase in trading activity.
Recent Collaborations of Chiliz
The CHZ coin’s bullish price rally was also aided by the Chiliz network actively working with sports companies to determine greater marketing and brand-exposure opportunities. At the beginning of August, the network began collaborations with the Sharks and Stade Francais.
Socios said the collaborations were a watershed moment in the organization’s global expansion plans. However, these recent developments have increased Chiliz’s value.
Scoville Network Upgrade
The Chilliz team teases the upcoming Scoville network upgrade, which could be one of the primary drivers of the CHZ price increase. Chilliz’s official Twitter account mentioned Pequin, the Scoville testnet’s Phase 5 upgrade. The network has begun the fifth stage of its Scoville testnet launch, and the mainnet CHZ cross-chain bridge is expected to go live before the end of the year. The launch of the Chiliz mainnet marks the start of phase 7 of the Chiliz Chain 2.0 migration.
Furthermore, the Chiliz timeframe suggests that the mainnet launch could occur in the third or fourth quarters of 2022. The Chiliz team plans to launch a smartphone app in August to increase participation in the project. As a result, this was regarded as one of the primary factors that increased the CHZ’s value.
Approval of the Organismo Agenti e Mediatori License
The Italian financial regulator, Organismo Agenti e Mediatori, granted regulatory approval to the fan token platform Socios.com. After receiving the OAM license, the company can offer digital wallets and virtual currencies on the European market as part of its fan engagement and reward program.
Socios.com also became an official partner for fan interaction and rewards for Italy’s national football team after receiving regulatory approval. As a result, this was regarded as one of the primary reasons for increasing the CHZ’s value.
Crypto Market Sentiment
The cryptocurrency market has been sending out conflicting signals since the beginning of the week as it slowly recovers from its recent downturn. The cryptocurrency market has increased by over 2% in the last 24 hours, with a total market valuation of more than $1 trillion.
Bitcoin’s price has risen by less than 1% today and is still trading above the $21,000 mark. Ether is aiming for the $1,700 barrier level after increasing its value by more than 2% in the previous day. As a result, many people believed that recovering the cryptocurrency market was one of the primary reasons the CHZ’s value could rise even further.
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