Chiliz crypto up 20%: Why is CHZ token surging high?

August 23, 2022 11:15 AM AEST | By Ankit Sethi

Chiliz crypto up 20%: Why is CHZ token surging high? — Image source: Pixabay.com

Chiliz ecosystem

The project has a blockchain network titled Chiliz, which it claims can support other decentralised products like fan tokens. A fan token uses blockchain, and it allows any individual or entity to engage with followers. Chiliz claims that sports clubs and other entities can launch their fan tokens using the Socios.com platform. Holders of these tokens can have a say in how things are managed within the club, besides being eligible for some special rewards like easy access to events.

The CHZ token serves as the Chiliz blockchain’s native currency. The project counts big names like Juventus, FC Barcelona, and PSG, as the sports clubs for which fans can avail tokens using the Chiliz ecosystem.

Chiliz crypto price

CoinMarketCap data suggests approximately six billion CHZ tokens, a number that dwarfs Bitcoin and Ethereum (ETH), are currently in supply. That said, the price per token is very low as compared to both Bitcoin and ETH. As of writing, the CHZ cryptocurrency is trading at nearly US$0.22 after registering a big jump lately in price as well as trading volume.

Notably, the price of Chiliz was nearly US$0.3 when this year started, but it has dropped to under US$0.1 on multiple occasions. This suggests that the cryptocurrency is volatile in terms of price.

Why is Chiliz token gaining?

Chiliz has recently talked about CHZ 2.0 with a hint that it could compete with the ERC-20 token standard. CHZ 2.0 is also being referred to as CHZ-20, which might offer fungible token solutions like the Ethereum blockchain’s ERC-20 model. This announcement seems to have lifted the price of CHZ crypto.

24 hour jump in price and trading volume of CHZ crypto

Data provided by CoinMarketCap.com

Also read: Which are the top utility tokens by market cap?

Bottom line

CHZ crypto is one of the top 50 assets, and the new announcement regarding CHZ-20 has pushed the price up. The cryptocurrency has, however, remained very volatile since the start of 2022. One of the reasons behind Chiliz’s popularity is the project’s tie up with big sports clubs like Juventus and Paris Saint-Germain.

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