By: Eliza Bennet
Klaytn and the Finschia Foundation plan to merge their respective blockchains, potentially creating an influential Web3 entity in Asia. Concurrently, Chiliz (CHZ), the cryptocurrency behind exciting fan engagement in sports and entertainment, has witnessed a staggering 45% spike in value within a week. With numerous factors seen as the impetus behind the rally, this surge in value is particularly of interest since it emphasizes growing institutional interest and hints at substantial whale activity.
CHZ's trading volume alone saw a spectacular increase of 490% within the past 24 hours, a statistical representation of a clear increase in activity. This consequent activity resulted in nearly $370 million worth of Chiliz being traded. Furthermore, the open interest for CHZ also expanded by 86%, suggesting a growing confidence among investors in the potential of the digital asset. Due to these developments, experts in the field speculate that this surge in Chiliz value might be indicative of an up and coming trend of unification between the realms of blockchain, sports, and entertainment.
One significant booster for CHZ is the growing popularity of Socios, Chiliz’s fan engagement platform. Recent liquidations of nearly $1 million in short positions show the real power behind the sentiment of the fans. Another factor bolstering this surge are the crypto whales who have been accumulating over 60 million CHZ in the past month alone. Despite the possibility of a momentary breather, the overall outlook for CHZ remains positive with fundamentals indicating a continued upward trajectory.
© BlockBriefly. All Rights Reserved.