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What is Chiliz (CHZ) crypto and is it a good investment?

What is Chiliz (CHZ)?

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To understand what Chiliz is, one needs to understand Socios.com. Socios.com is one of a kind of platform that gives sports entities a means through which they can increase their audiences’ involvement by allowing them to support their favourite sport teams through Fan Tokens. Chiliz is the cryptocurrency native to the platform and is used to purchase Fan Tokens.

Recent developments

Chiliz has been in the recent spotlight because of the many partnerships it has been garnering. The cryptocurrency is one of a kind and focuses on the sports and entertainment industry. The organization has been trying to increase the reach of the cryptocurrency and it has recently been made available on various major exchanges throughout the world which can play a positive role in the increased adoption of the cryptocurrency.

Chiliz listed on Coincheck

The Japanese exchange, Coincheck, has entered into a partnership with the sports and entertainment-based cryptocurrency, Chiliz, and its platform, Socios.com. Chiliz can now be traded on Coincheck’s non-fungible token’s market.

Chiliz listen on OKEx

Another hallmark achievement for the cryptocurrency was its recent listing on the leading cryptocurrency and derivatives platform, OKEx. Chiliz is now available for spot trading against USDT and Bitcoin.

Expansion plans

The CEO of Chiliz has set out a very ambitious expansion plan for Chiliz in the United States worth $50 million. The CEO, Alexandre Dreyfus, has announced entrance into the US market. Chiliz already has two major partnerships in the US – UFC and Professional Fighters League – but now Chiliz will enter the country officially. Per the CEO the expansion is set to increase the Fan Tokens on the platform fivefold. 

Is Chiliz a good investment?

Chiliz performance

Chiliz (CHZ) had been trading at below $0.02 and the coin had been encountering many resistance levels which made it difficult for it to cross the price level. However, Chiliz picked up the pace in February of the year as the cryptocurrency market, in general, entered into a bull run. Chiliz has been on a straight upward trajectory ever since and achieved a phenomenal growth rate in the cryptocurrency’s price. Chiliz topped at a price level of $0.13.

The market sentiment for the cryptocurrency is bullish as most of the technical indicators are giving out a signal of buy. A breakdown of the technical indicators reveals that most of the oscillators stand at a buy position while a majority of the Moving Averages are giving out a signal of strong buy.

Chiliz has the potential to grow even more, especially with the plans that the development has outlined for the cryptocurrency. Non-fungible tokens are also on the rise and with Chiliz being one of the major NFTs it is on the forefront of the boom. However, the cryptocurrency market is unforgiving and after a boom, corrections will almost always follow.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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