CHZ, the native token of the Chiliz (CHZ) blockchain that powers the largest sports fan token platform Socios.com, rose 25% in seven days, hitting a two-month high of more than 15 cents. Price hit a three-week high of 16 cents this morning, according to Coingecko. The double-digit price jump is the third largest among the 100 largest cryptocurrencies by market value, including Bitcoin and Ethereum.
Anticipation of the upcoming 24-country European Football Championship, to be held from June 14 to July 14, appears to have bolstered CHZ’s growth. Most fan tokens are purchased on Socios.com using CHZ. Cryptocurrency therefore represents a way for fans to interact with their favorite sports teams.
A much larger rally unfolded ahead of the 2022 FIFA World Cup. In the summer of 2022, the value of the token doubled to almost 30 cents, peaking the day before an international sporting event that began on November 20, 2022. In December of that year, prices fell by almost 40%. 10X Research expects the FIFA scenario to repeat itself, giving CHZ even greater gains by mid-June and a potential sell-off thereafter.
Image: The Coin Republic