{"id":569940,"date":"2024-01-17T10:30:29","date_gmt":"2024-01-17T10:30:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=569940"},"modified":"2024-01-17T09:51:00","modified_gmt":"2024-01-17T09:51:00","slug":"chiliz-chz-jumps-over-40-reasons-behind-the-crypto-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/chiliz-chz-jumps-over-40-reasons-behind-the-crypto-rally\/","title":{"rendered":"Chiliz (CHZ) Jumps Over 40%: Reasons Behind The Hot Streak"},"content":{"rendered":"
Chiliz (CHZ), the crypto powering fan engagement in sports and entertainment, is on fire, erupting 45% in the past week and leaving both fans and analysts cheering. This meteoric rise isn’t just about passion play though, with hard data pointing to growing institutional interest and even whale whispers driving the rally.<\/p>\n
CHZ price action today: Source: Coingecko<\/pre>\nChiliz Volume, Open Interest Soar<\/strong><\/h2>\n
The past 24 hours have been particularly wild, with CHZ surging over 20% and trading volume spiking<\/a> a staggering 490%. This translates to a whopping $370 million worth of Chiliz changing hands, a clear signal of heightened activity.<\/p>\n
But it’s not just day traders jumping in \u2013 open interest, a measure of investor commitment, has also ballooned by 86%, reaching a healthy $50 million.<\/p>\n
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Source: Coinglass<\/pre>\nThis surge in open interest, especially on major exchanges like Binance, Bybit, and OKX, suggests a growing conviction in CHZ’s potential. And it’s not just a hunch \u2013 industry experts are taking notice.<\/p>\n
Many see this Chiliz rally as a potential harbinger of a broader trend, where blockchain and the world of sports and entertainment become increasingly intertwined.<\/p>\n
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Source: Coinglass<\/pre>\nFan Engagement, Whales Boost CHZ<\/strong><\/h2>\n
But what’s fueling this fire? One key factor is the rising popularity of Socios, Chiliz’s fan engagement platform. Socios lets fans own and use “Fan Tokens” to influence their favorite teams, a proposition resonating deeply with the sports-crazed masses.<\/p>\n
And it’s not just lip service \u2013 recent liquidations of nearly $1 million worth of short positions (bets on CHZ falling) show the real bite behind fan sentiment.<\/p>\n
Chiliz currently trading at $0.107789 on the daily chart: TradingView.com<\/a><\/pre>\nAdding fuel to the flames are the whales, those mysterious holders of vast crypto fortunes. Addresses with wallets bulging with 1 million to 10 million CHZ have been on a buying spree, accumulating over 60 million CHZ in the past month alone. This silent accumulation, worth over $6 million, hints at a deeper confidence in Chiliz’s long-term trajectory.<\/p>\n