Chiliz (CHZ) Up By +130% in the Past Month

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Chiliz, the sports fan token, has witnessed tremendous growth within the last few weeks. More specifically, this uptrend started when Alexandre, the CEO of Chiliz, gave a glimpse of CHZ 2.0. Chiliz was created for the sports and entertainment sectors giving fans a chance to belong.

The CHZ blockchain has enabled gaming clubs and organizations to monetize fans’ suggestions and opinions. Through Chiliz technology, the gaming clubs and other organizations can create FTO (Fan Token Offering) with limited supply. CHZ has been trading in a sideways pattern for quite some time until recently.

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Chiliz (CHZ) up by +130% and more

Interestingly, CHZ registered a massive uptrend in its price at press time. In the last 30 days, Chiliz went up by a whopping 138%. And following this, Chiliz rose to be among the top 40 crypto assets by market cap. Even some of the dominant buyers flocked back into the network.

As a matter of fact, according to WhaleStats, CHZ made its way to the top 10 among 100 ETH whales. Additionally, trading volumes witnessed immense hikes between 22nd and 23rd August. Even though the trading surge went down to double digits, things could easily change within the next few days as we continue to witness deeper bullish trends.

Chiliz 2.0 Announcement and the bullish trend

Chances are, the 2.0 announcement had a crucial role in this trend. The network upgrade is divided into different phases, each with its significance. Currently, the network upgrade is at its fifth phase, ‘Pequin’, which includes the cross-chain bridge in CHZ.

𝙿𝚑𝚊𝚜𝚎 𝟻 | 𝙿𝚎𝚚𝚞𝚒𝚗

Pequin pepper is a hot chili pepper cultivar commonly used as a spice. Pequin peppers are very hot, often 5-8 times hotter than Jalapeños on the Scoville scale (30,000 to 60,000 Units).

𝚂𝚌𝚘𝚟𝚒𝚕𝚕𝚎 𝙵𝚊𝚌𝚝𝚘𝚛: 🌶️🌶️🌶️#ChilizScoville ⚡️ $CHZ pic.twitter.com/UUdM7Mz5x6

— Chiliz ($CHZ) - Powering Socios.com ⚡ (@Chiliz) August 15, 2022

And according to Chiliz’s official Twitter account, this upgrade will be close to 8-times hotter than the Jalapeños upgrade. The cross-bridge functionality is set to be the final upgrade stage in the Scoville Public testnet. And that explains why investors are bullish despite the small price rate in Chiliz.

In Summary

Chiliz (CHZ) has been breaking almost every resistant level possible since the announcement of CHZ 2.0. That could soon put Chiliz to its initial price that investors saw before at $0.5 or even move higher to beat the $1 mark. But unfortunately, due to a lack of a positive inflow, the token quickly reversed to a downtrend. All in all, Chiliz is successfully gaining support from investors and supporters.