The Chiliz cryptocurrency, primarily associated with sports, is expected to surge in price as the Euro 2024 tournament draws nearer.
Due to a recent change in its market view, cryptocurrency sporting project Chiliz is expected to see significant price rise activity in the upcoming weeks. The sport protocol’s native digital asset, CHZ, has increased by 25% in the past seven days, reaching a two-month high of more than 15 cents. Similarly, it places CHZ as the cryptocurrency that has gained the third-most among the top 100 by market value, behind Ethereum (ETH) and Bitcoin (BTC).
Only Notcoin (NOT) and Dogwifhat (WIF), a meme coin rooted in Solana, surpassed CHZ.
Price of Chiliz (CHZ) Reachs 3-Week High
Thanks to its phenomenal price recovery, several investors are now watching the cryptocurrency that bridges the gap between blockchain technology and sports. Noteworthy is the enthusiasm around CHZ, and the price increase is due to the impending 24-country Union of European Football Associations (UEFA) Euro football competition, scheduled for July 14, 2024, which will take place on June 14.
If someone wants to buy fan tokens on Socios.com, they must use CHZ to finish their purchase. As a result, the token acts as a conduit for communication between supporters and their preferred teams.
Before the FIFA World Cup, which took place on November 20, 2022, the token saw a far more enormous surge than it is presently showing. Through the summer of 2022, CHZ’s value nearly doubled to $0.30, peaking a day ahead of the significant international athletic event. Later that year, in December, prices dropped by about forty percent.
The price of CHZ experienced a change after reaching a three-week high of 16 cents earlier today. The cryptocurrency that powers Socios.com, the leading platform for creating tokens for sports fans, was trading at $0.1454, down 3.50% as of this writing. But in the last week, it has increased by 20.44%.
Fans anticipate that CHZ will soar as UEFA Euros gets closer
Despite this outlook, 10X Research anticipates that CHZ will show the same optimistic trend it did in 2022. Based on this theory, it is expected that CHZ will gain further ground by mid-June, at which point there may be a sell-off.
“The Chiliz (CHZ) token rallied over 100% from the summer of 2022 until one day before the FIFA World Cup started on November 20, 2022 (lasted until December 18, 2022),” said Markus Thielen, the founder of 10X. Only to see a subsequent 60% fall one day before the FIFA Soccer World Cup (beginning November 19, 2022).
His position is bolstered by historical data indicating that sports tokens typically experience an optimistic pre-event phase and possibly a price boom, occasionally followed by a price decrease. This prediction is supported by a research paper published in Research in International Business and Finance titled “Anticipatory Gains and Event-Driven Losses in Blockchain-Based Fan Tokens: Evidence from the FIFA World Cup.”
If this will be the case with CHZ, it will be confirmed in the months leading up to the UEFA event.