The digital sports project Chiliz has experienced one of the most vital developments since its inception. The launch of the Scoville test network for Chiliz Chain 2.0 helped boost the outlook of the iconic token (CHZ). Since then, the network has performed very well and has established partnerships with famous clubs and sports agencies.
So what’s next?
CHZ, at the time of writing, has seen a whopping 15% gain in just 24 hours as it trades at $0.14. The CHZ token rose significantly from $0.08, showing the potential of the token to grow further.
CHZ’s price rise was supported by a significant increase in market capitalization. From just under $500 million in mid-June to $844 million at press time.
Indeed, it highlighted the growing traction the flagship has gathered. Not only that, but even investors have shown interest in the token. As a result, the trading volume rose above the 750 million mark.
One could see the sharp increase here in the chart below.
This inclination was also supported by the peaks of social dominance of the CHZ during the same period.
In fact, just within the week, social dominance across different metrics reiterated a positive picture – Namely, social mentions and social engagement on LunarCrush.
Now, the question arises as to the possible reason that triggered such a rise.
Well, Socioscom owner and technology provider Chiliz invested $100 million to Barça Studios to acquire a 24.5% stake in the Club’s digital content creation and distribution hub.
Socios has been investing in La Liga and Spanish football since 2019. After that, the token started going up north.
Despite such ups and downs, CHZ had higher foreign exchange inflows rather than outflows. So the momentum seems to be leaning to the downside.
Needless to say, we have to be careful going forward. CHZ, at the time of publication, was still trading within the lower range of the last bear market.