Red-hot Chiliz [CHZ] displays a green menu, thanks to…

The digital asset sporting project Chiliz saw one of the most vital developments since its inception. The launch of the Scoville testnet for Chiliz Chain 2.0 helped to boost the outlook of the flagship token (CHZ). Since then, the network has performed significantly well and has attained partnerships with renowned clubs and sporting agencies.

So what’s next?

CHZ, at the time of writing, witnessed a massive 15% surge in just 24 hours as it traded at $0.14. CHZ token increased significantly from $0.08, showcasing the token’s potential to grow further.

Source: CoinMarketCap

CHZ’s price uptick was backed by a substantial increase in its market cap. Trailing from just under $500 million in mid-June to $844 million at press time.

Indeed, it underlined the surging traction the flagship token has gathered. Not just this, but even investors showed interest in the token. Consequently, the trading volume rose to more than the 750 million mark.

One could see the sharp uptick here in the graph below.

Source: Santiment

This incline was also supported by spikes in CHZ’s social dominance during the same period.

In fact, just within the week, social dominance on different metrics reiterated a positive picture- Namely, social mentions and social engagement on LunarCrush.

Source: LunarCrush

Now, the question arises around the possible reason that triggered such a rise.

Well, Socioscom owner and technology provider Chiliz invested $100 million in Barça Studios to acquire a 24.5% stake in the Club’s digital content creation and distribution hub.

Socios has been investing in La Liga and Spanish football since 2019. Following this, the token started to trend up north.

Any concerns?

Despite such bullish developments, CHZ had higher exchange inflows than outflows. Thus, the momentum seems to be leaning towards the bearish side.

Needless to say, one needs to maintain caution going forward. CHZ, at press time, still traded within the bottom range of the latest bear market.