Chiliz (CHZ) coin is designed to “reward and incentivize the world’s biggest sports, entertainment, and gaming communities.” According to its website, Chiliz aims to provide fans with new ways to show their support for their favorite teams, players, and celebrities while earning rewards.
Let’s Talk About Chiliz (CHZ)’s Technical Background
Chiliz (CHZ) was launched by Socios.com in 2018. The primary asset of the platform is known as CHZ. CHZ token is an ERC-20 token built on the Ethereum network. The aim of Chiliz (CHZ) is to create an interaction between sports organizations and viewers. The main advantages of the Chiliz ecosystem are:
- Users can buy tokens of teams they support through Chiliz (CHZ).
- Fans can have a say in the team related to the purchased tokens.
- Fans can buy licensed products of sports clubs with tokens.
- Fans can earn profits as the value of tokens increases.
CHZ started its operations on the Ethereum blockchain. Recently, the developer team upgraded the coin to be traded on Binance Smart Chain and TRON blockchains. They claim that the team makes the necessary improvements for the project to work more stable. The value of each Chiliz (CHZ) coin is based on demand from users as it has a limited supply of one billion tokens. As of May 2022, the market value of a CHZ token is approximately $0.107.
While the purpose of Chiliz is somewhat unclear, its market value suggests that there is a lot of demand for this currency. One of the reasons might be its novel approach to fan engagement.
Chiliz (CHZ) Coin Cooperates with the Biggest Clubs of the World
Chiliz (CHZ) cooperates with many big sports clubs like FC Barcelona and Paris Saint-Germain. The coin managed to attract attention thanks to the valuable ecosystem it has created. In addition, it has been running a very successful marketing campaign, thanks to its collaborations with major organizations, including mentioned sports clubs.
In addition, the platform enables sports clubs to interact directly with their fans. Thanks to the limited use of decentralized structure, fans can buy tokens and have a say in their favorite club’s governance. Chiliz (CHZ) lets blockchain-based technologies be used much more actively in daily life, thanks to this unique approach. The project developers state that enabling the fans to have a say over the club creates a much more dynamic social ecosystem.
What Will the Future Look Like for Chiliz (CHZ) and Its Investors?
As it is evident, Chiliz (CHZ) looks like an altcoin with a bright future. Thanks to its collaborations with large companies, it is estimated that the project will be more prominent in the future, as it exhibits an innovative approach to sports. CHZ manages to give confidence to its investors, even though it is a coin affected by the market’s price movement.
In the last one-year period, the base price of the coin was around $0.08511. In one year, it reached an all-time high of $0.643. CHZ has a supply of 8,888,888,888 coins, and it is estimated that there is an active circulating supply of six billion CHZ in the market.
The coin, which currently has a market capacity of 700 – 730 million dollars, has an average daily trading volume of 80 to 85 million dollars. Although there has been a recent decrease in the transaction volume due to the contraction in the crypto money markets, this situation is thought to be temporary. And the trading volume varies according to the performance of the sports clubs, especially fan tokens.
In this respect, it is recommended that investors should consider different variables related to clubs when investing in this coin. For example, the market volume of the coin increases during the months when it is championship week in a soccer league or there is a World Cup.
When the current price charts are examined, it can be said that the coin has been in a bullish trend in the last month. It creates very favorable buying opportunities in the medium term. Although the coin is in a bull trend, it has its risks.
Risks of Investing in Chiliz (CHZ):
The initial resistance point for Chiliz (CHZ) is $0.15. Although the resistance point is quite strong, the coin might enter a rapid upward trend with new investments in the project.
In addition, if a bull market happens in the future, this resistance can be broken in a short time. This means that the price of Chiliz (CHZ) can climb up to $0.25, which is the second resistance point. The initial support for the coin points very strongly toward the $0.10 level. The market trend is that the coin will not break this support point. Yet it is nearly impossible to predict the Chiliz (CHZ) price because of the current market trends.
Chiliz (CHZ) has average price volatility of $0.0080 for day trading. In particular, investors who day trade with a high budget can profit if they find suitable buying opportunities at these levels.
Chiliz (CHZ) is on a mission to change how fans interact with sports and entertainment worldwide. The company has already made significant strides in its goal, with more than 2 million users across its platforms. If you’re looking for a new investment that has the potential to revolutionize an industry, Chiliz (CHZ) may be worth considering. However, always do your own research before investing in any cryptocurrency or token. Thanks for reading!