Chiliz (CHZ) Price Shoots 13% After Binance Airdrop Support

CHZ, the native cryptocurrency of the sports blockchain platform Chiliz, is witnessing a strong surge following crypto exchange Binance announcing support for the airdrop of the PEPPER crypto token with some exciting rewards to Chiliz holders. As a result, the Chiliz price has shot up by 13% moving all the way to $0.07227 with its market cap surging past $650 million.

Chiliz Price Eyes Strong Gains Amid Binance Airdrop Development

On Thursday, October 10, the initial snapshot of the PEPPER airdrop will take place followed by three more snapshots later in the month. In order to participate and qualify to receive PEPPER tokens, users should hold a minimum of 100 CHZ in their wallets, including the funding, spot, and margin wallets.

As a result of this development, the Chiliz price has shot up significantly as investors seek to get more PEPPER coins following today’s airdrop snapshot. As part of the arrangement, Chiliz token holders will receive 1,000 PEPPER tokens for every 150 CHZ held by them. The airdrop snapshots will happen in the period between October 10 and October 31, 2024. Here are some of the best crypto airdrops for the year 2024.

Eligible CHZ balances in certain account types will qualify, but borrowed tokens are excluded. PEPPER token distribution will take place in a single batch following the snapshots. Despite the airdrop, trading services such as Spot and Futures will remain unaffected. The listing of PEPPER on Binance will go through the usual review process, so participation does not ensure listing approval.

Pepper will soon become the first meme coin on the Chiliz Blockchain. While its purpose and utility are currently unclear, the coin has been developed by the community with the intention of “taking the reins and riding.”

CHZ Breaks Past Key Resistance

As per the Coinglass derivatives data, the open interest for CHZ has surged by 58.45% to $69.39 million. Similarly, the 24-hour liquidation has surged past $1.22 million with $621,000 in just short liquidations.

Back in August this year, the Chiliz (CHZ) token rebounded from $0.043 reaching all the way past $0.07. Besides, the CHZ price has successfully transformed the resistance of $0.0715, into support, by thus making a double-top chart pattern.

Additionally, CHZ has moved above the 50-day and 100-day Exponential Moving Averages, signaling that bullish momentum is building. As a result, Chiliz is ready for further gains, with the next key level to monitor being $0.084, which marks its lowest swing on April 13.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.