- Chiliz CEO reveals what it will take for the perfect marriage between blockchain and the sports industry.
- Investors can expect something interesting from CHZβs performance in the coming month.
Chiliz has seen a return of investorsβ interest in its native cryptocurrency CHZ, thanks to its involvement with sports tokens. Especially, now that it is FIFA world cup season.
The networkβs CEO Alexandre Dreyfus has taken the opportunity to highlight why the future looks bright for Chiliz as the blockchain industry explores growth through sports.
Read Chiliz (CHZ) price prediction 2023-2024
The Chiliz CEO noted that many NFT projects lack utility and fans lose interest. He believes that NFTs might be a great way to maintain fan engagement and participation.
ππ¨πππππ‘π π ππ’π‘π π§ππ₯π ππ¨π§π¨π₯π ππ’π₯ πππ’πππππππ‘ ππ‘ π¦π£π’π₯π§ πβ½οΈβοΈhttps://t.co/NrYy7Ms2YH and Chiliz CEO @Alex_Dreyfus reflects on his experience at Web Summit and recent events in the crypto industry π
β‘οΈ $CHZhttps://t.co/GXXz0PrWsk
β Chiliz ($CHZ) β Powering Socios.com β‘ (@Chiliz) November 15, 2022
Dreyfus also stated that NFTs might not be the best at scaling. He instead stated that fan tokens are a great avenue for team scalability. This is because they are fungible and teams can use them to build strong digital communities. He further added,
βItβs this ability to provide access and individual recognition to audiences at huge scale that sets Fan Tokens apart.β
Chiliz has facilitated the creation and launch of fan and entertainment tokens for multiple teams across different sports.
The network has secured multiple partnerships with some of the leading sports organizations in the world so far. Demand for its services has thus been up but it hasnβt reflected in CHZβs price action.
Evaluating CHZβs performance
CHZ has so far recovered by almost 60% from last weekβs lows. This makes the alt one of the best-performing cryptocurrencies in the current week. Its upside managed to push above the 50-day moving average but can it sustain the bullish momentum?
Source: TradingView
That said, CHZβs money flow indicates that it is still experiencing some outflows which may hint that the current uptrend might be limited.
A look at its supply distribution confirms that there is indeed some selling pressure coming from some of the top whales.
Notably, most of the address categories including addresses with more than 10 million coins have been buying in the last two days. However, the last 24 hours saw significant sell pressure from addresses holding between one million to 10 million CHZ.
Most of the other top address categories holding below one million coins have also been contributing to the upside.
Furthermore, Chiliz network growth registered a significant upside last week but it has tanked in the last four days. The same applies to the daily active addresses.
Source: Santiment
These observations may indicate that CHZβs current upside might be limited. Especially if the market fails to produce significant bullish demand towards the weekend.
Source: https://ambcrypto.com/chiliz-decoding-the-reason-behind-chzs-unprecedented-price-hike/