Whales boost $CHZ price to six-week high

Sustained interest and high trading volume suggest that the $CHZ price will keep rising

Chiliz ($CHZ), a major token in the sports blockchain sector, hit nearly six-week highs over the weekend. On May 25 , Saturday, $CHZ reached $0.143 due to significant whale wallet accumulation. Notable market activity and increased optimism in the sports crypto market characterized this rally.

Data from Santiment, a crypto intelligence platform, showed a massive accumulation of $CHZ by whale wallets over the last eight days. To be exact, wallets with between 10m and 100m $CHZ added 180m tokens while those with over 1bn $CHZ amassed 1.44bn tokens. This accumulation supports a bullish view on $CHZ , suggesting that large investors believe in the future performance of the token.

Chiliz also saw an increase in on-chain metrics such as trade volume and supply distribution. Trade volume for $CHZ reached its highest level in 22 months, indicating greater participation from traders as well as stronger interest in the digital asset. Such heightened activity demonstrates increasing traction among buyers and sellers which ultimately strengthens Chiliz’s position within various markets.

Chiliz is a one-of-a-kind initiative aimed at improving fans’ involvement within sports and entertainment industries by enabling them to purchase or trade their favorite teams’ tokens on its platform powered by blockchain technology.

It is worth noting that this integration has greatly contributed toward recent success recorded by $CHZ. Besides this fact, there has been momentum within the sports crypto space following the adoption of fan tokens by top organizations like Ultimate Fighting Championship (UFC), Paris Saint-Germain FC (PSG) and FC Barcelona thereby boosting Chiliz’s outlook even further.

The recovery being witnessed across different sectors under the sports crypto category has played a key role behind the upward momentum experienced so far in relation to $CHZ price action. Demand for coins such as Chiliz continues to rise steadily with more sporting clubs embracing blockchain for better fan engagement. Blockchain offers many benefits including interactive experiences which keep supporters entertained throughout sports events.

By Monday, May 27, Chiliz had added almost 1% to its value after gaining 18.45% over the week. At the time of writing this article, $CHZ was trading at $0.1376 on Binance.

According to Santiment analysts, given sustained interest coupled with high trading volume and ongoing whale accumulation, prices are expected to continue rising for some time before a possible correction sets in.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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