Chiliz Price Up 16% As Socios Ships 80 Sports Properties – The VR Soldier
One of the top winners today on Crypto.com is Chiliz (CHZ), he is currently on a bull run testing his previous record of $ 0.58.
As of this writing, CHZ is trading at $ 0.52 with a market cap of over $ 3 billion. Let’s take a closer look at Chiliz and see what all the hype is about.
What is Chiliz?
According to their official website, Chiliz is:
The world’s leading provider of blockchain technologies for sports and entertainment
The Chiliz network currently powers Socios.com – a platform designed for esports and sports fans that allows them to manage crowds and support their favorite teams.
CHZ is the currency used on the Socios.com platform which allows users to exchange $ CHZ for their favorite team’s Fan Tokens. These tokens never expire and can be used to vote on the official team. The teams will respect the popular vote, allowing a form of crowd governance by their fans.
Why is the price of Chiliz increasing?
The most relevant news for today’s $ CHZ bull run has to be last night’s announcement of a partnership with more than 80 sporting properties. In a recent tweet, Chiliz CEO Alexandre Dreyfus said:
More than 80 sports properties have announced partnerships with @chiliz X @socios, more than +100 already signed. While improving our product and starting to prepare a global marketing campaign, we are focused on building a new ecosystem of top fans (engagement x monetization). #innovation pic.twitter.com/mZKOL6IyDH
– Alexandre Dreyfus (@alex_dreyfus) November 6, 2021
“More than 80 sports properties have announced partnerships with @chiliz x @socios, more than +100 already signed. “
This is a huge announcement, as integrating such a wide variety of sports teams is sure to drive traffic and engagement on the platform.
Looking at Socios.com’s Alexa Rank, we can see that traffic to the site has increased over the past month, coinciding with an increase in the market value of $ CHZ.
Chiliz price analysis and forecast
It’s clear that Chiliz’s biggest short-term milestone is $ 0.58, as $ 0.58 was CHZ’s last record hit on October 30.
Since then, the market has mostly moved sideways between the $ 0.43 and $ 0.48 levels. In the midst of the partnership announcement, we saw the price climb to $ 0.53 as investors got excited.
If the market breaks above $ 0.58, we can anticipate a stress test at $ 0.6 shortly thereafter. Maintaining the new support will depend on maintaining the trading volume of $ 1 billion + 24 hours.
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