The digital asset sports project Chiliz has witnessed one of the most important developments since its inception. Scoville Testnet Launch Chiliz Chain 2.0 Help boost the outlook for the flagship coin (CHZ). Since then, the network has performed exceptionally well and has established partnerships with prominent clubs and sporting bodies.
What’s next?
At the time of writing, CHZ has surged 15% in just 24 hours to trade at $0.14. CHZ coin surged from $0.08, demonstrating the coin’s potential for further growth.
Source: CoinMarketCap
The price increase of CHZ has been helped by a substantial increase in its market capitalization. From less than $500 million in mid-June to $844 million at press time.
In fact, it underscores the massive appeal that the flagship coin has gathered. Not only that, but even investors are showing interest in the coin. As a result, the transaction volume rose to over the 750 million mark.
The sharp rise here can be seen in the graph below.
Source: Santiment
This trend is also supported by the surge in CHZ social dominance over the same period.
In fact, within a week, social dominance across different metrics reiterated a positive picture – namely social mentions and social engagement on LunarCrush.
Source: LunarCrush
Now, the question arises as to what might have sparked this rally.
Well, Socioscom owner and technology provider Chiliz invest Acquired a 24.5% stake in the club’s digital content creation and distribution center from Barça Studios for $100 million.
Socios has been investing in La Liga and Spanish football since 2019. Since then, the coin has started to develop northward.
Any concerns?
Despite such bullish developments, CHZ higher Exchange inflows are greater than outflows. Hence, the momentum seems to be leaning towards the bearish.
Needless to say, people need to be cautious. CHZ, at press time, is still trading within the bottom range of the latest bear market.
