Chiliz (CHZ) zoomed up in 2021, with its price surging 1000 per cent in the past three months. How did this happen and should you be investing in CHZ?
What is Chiliz?
Chiliz is a digital currency for sports and entertainment platforms. Although the Chiliz can be used like any other digital currency, it is popularly used on Socios.com—a platform where investors/fans can use CHZ to unlock unique rewards from their favourite teams. These rewards include special behind-the-scenes access and voting rights.
As per a report on invezz.com, CHZ soared 70 per cent in the last 24 hours led by the recent gains in the non-fungible tokens (NFTs). “The cryptocurrency’s fundamentals skyrocketed as its on-chain data, as well as the overall demand, increased tenfold,” the report said.
The report said, while it is true that the surging price is only following the booming fundamentals, experts claimed that such rapid movements are unsuitable and that a major pullback is inevitable. Meanwhile, CHZ is showing no signs close-to-no signs of fading demand.
It is worth mentioning that CHZ has formed partnerships with top football clubs spread across the world, including FC Barcelona, AC Milan, and Juventus.
In the past four days, the digital currency had hit $1 billion (USD) milestone. However, its current value tripled, hitting new highs of over $3 billion.