Minority Mindset

Smart investments

Crypto News

Chiliz’s CHZ Token Pre-UEFA Euro Price Surge Revives FIFA Memories

May 29, 2024
    CHZ, the native token of the Chiliz blockchain, which powers sports token fan creator Socios.com, surges as the UEFA football championship nears.The token doubled in value in the months before the 2022 FIFA World Cup, only to slide later.10X Research expects the FIFA scenario to repeat itself.
As an experienced analyst, I have closely followed the cryptocurrency market for several years, with a particular focus on sports-related tokens. The recent surge of CHZ, the native token of the Chiliz blockchain, has caught my attention due to its strong correlation with major football events.As a cryptocurrency analyst, I’ve noticed an intriguing new development in the world of digital currencies. A cryptocurrency that bridges the gap between blockchain technology and sports has gained significant attention recently, bringing a fresh wave of excitement to the crypto markets. Major digital assets have been trading listlessly, but this innovative intersection has injected a new sense of dynamism into the scene.
The native token of the Chiliz blockchain, CHZ, has experienced a significant surge, increasing by approximately 25% in just seven days. This growth has propelled CHZ to reach new heights, surpassing the $0.15 mark for the first time in the past two months. Notably, the price peaked at an impressive $0.16 earlier today, as reported by trusted data provider Coingecko.

As a cryptocurrency market analyst, I’ve observed that the price surge of over ten percent ranks as the third most significant among the top 100 digital currencies based on market capitalization. Notable exceptions being Bitcoin and Ether, of course. (Note: “Notcoin” and “dogwif” are not standard or recognizable terms in the cryptocurrency market.)

The anticipation for the upcoming UEFA Euro tournament, spanning across 24 countries from June 14 to July 14, appears to have boosted the worth of CHZ in the cryptocurrency market. A significant number of fan tokens are acquired on Socios.com using CHZ. Consequently, this digital currency acts as a measure of engagement between enthusiastic fans and their beloved sports teams.

In the run-up to the 2022 FIFA World Cup, there was a significantly larger surge in value for the token. Its price more than doubled, reaching almost 30 cents during the summer of 2022, just before the tournament commenced on November 20, 2022. However, prices plummeted by nearly 40% in December that same year.

Based on current expectations, 10X Research predicts that the FIFA situation will likely recur, bringing further advantages for CHZ by around mid-June. However, a possible sell-off may follow afterwards.
From the summer of 2022 up until one day prior to the FIFA World Cup commencement on November 20, 2022 (lasting until December 18, 2022), the Chiliz (CHZ) token experienced a surge of over 100%. However, just one day before the start of the FIFA Soccer World Cup on November 19, 2022, it plummeted by approximately 60%. According to Markus Thielen, founder of 10X, in a communication to clients.

Thielen pointed out that a similar occurrence may take place, as the UEFA European Football Championship is set to transpire from June 14, 2024 to July 14, 2024. This tournament, which features teams from 24 nations, will follow in the footsteps of the World Cup 2022. The company often takes advantage of such events to showcase its token.

Chiliz's CHZ Token Pre-UEFA Euro Price Surge Revives FIFA Memories

The research article “Anticipatory Gains and Event-driven Losses in Blockchain-Fan Tokens: Insights from the FIFA World Cup” (published in Research in International Business and Finance) discovered that fan tokens related to sports, in most cases, experience a surge in value prior to an event due to heightened optimism. However, following the event, there is typically a price decrease.

Research shows that European football events have a significant impact on local economies. A study published in 2019 discovered a direct correlation between the financial worth of football clubs in different European regions and the economic prosperity of those areas.

Fan tokens and blockchain platforms such as Chiliz have simplified the process of assessing a sports event’s financial and economic significance by making it accessible to purchase these tokens, thereby facilitating their valuation.

Read More

2024-05-30 10:21