For those who are sports fans, the word Chiliz is probably something you’ve already heard. This is CHZ, a leading cryptocurrency in sports and entertainment that seeks to boost the use of tokens in various fan groups. However, recently Chiliz has had a performance that makes us wonder what we can expect from it in the short term.
The first thing we want to highlight is that Chiliz goes hand in hand with a blockchain-based fan engagement platform known as Socios.com. There fans can buy and exchange “fan tokens” and participate and vote in polls of various kinds.
What is the idea behind Chiliz?
Launched in 2018, Chiliz aims to be the leading cryptocurrency for sports and entertainment lovers. With it fans could have the ability to participate or influence certain decisions by participating in surveys.
This Friday, Chiliz (CHZ) made profits of more than 30% in just 24 hours. However, at the time of writing this publication it is trading at about US$ 0.28, which represents a fall of 4.36%. According to TradingView, this represents a neutral valuation of the cryptocurrency in the market.
Previously, CHZ saw its highest point on April 16, where it was valued at $ 0.773. On May 14, when it was announced that CHZ would be part of NASCAR, the value was $ 0.436. Then, on May 16, Chiliz announced its strategic partnership with Binance Chain to bring global brands within the cryptocurrency space. This led to the price remaining stable at US $ 0.437. So, you could say that the potential is, but it depends a lot on the alliances and launches that the team makes behind CHZ.
Should you buy this cryptocurrency now? Is there any hope of seeing CHZ grow any time soon?
Partners has over 500,000 downloads on Android and is also available on iOS. The large number of users shows how much interest people have in this concept of having fan tokens. Considering Chiliz’s recent performance, it could be a good buy at current levels.
As sporting events slowly return to normal, fans are likely to seek new experiences and ways to engage with their fan community. Therefore, even if in the short term CHZ does not reach its historic highs, it may have the potential to do so in the medium term. However, if it falls below US $ 0.20 it could be a sign that sellers control the market, not bullies.
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