Chiliz ($CHZ) has gained as much as 24% over the weekend.
The upcoming FIFA World Cup has got investors and fans anticipating a surge in Chiliz’s price.
The platform has undergone multiple upgrades in the past few days.
Fan tokens of national football teams have seen an impressive price hike over the past week.
Chiliz, the blockchain firm behind the fan token platform Socios, has been making headlines for the past few days thanks to its Chiliz token ($CHZ).
Chiliz posts impressive numbers
CHZ had a rather impressive weekend, as the crypto went from $0.1892 on Friday, all the way up to $0.2365 earlier today. This 24% surge set a 3-week high. Data from CoinMarketCap shows that the token is currently trading at $0.2214. Its market capitalization currently stands at $1.32, up more than 17% since Friday.
Chiliz’s daily trading volume is the metric that steals the show. $667 million worth of CHZ was traded in the past 24 hours, as compared to $269 million on Friday.
What’s causing this price hike?
The increase in Chiliz’s price can be attributed to two factors. The first and likely the bigger one is the upcoming FIFA World Cup which is set to begin on 20 November. The popularity of fan tokens has taken off in the run-up to this global event. According to data from CryptoSlam, global fan token sales saw a massive surge in Q3, outperforming the previous quarters by almost 30%.
Given that Chiliz’s business model revolves around fan tokens and sports, investors are anticipating good days ahead for the platform. The platform lets fans engage with their favorite athletes and clubs/teams. Fans also get the option to participate in the governance of sports brands.
The Fan token list on CoinMarketCap is dominated by football teams that will take part in the World Cup. This includes the Portugal National Team Fan Token and the Argentine Football Association Fan Token, which have gone up by 17% and 20% over the past week respectively.
The second likely reason for this price hike is the recent upgrades that the platform has received. The most recent update called the Scoville Testnet Phase 4 – CAYENNE, went live on 24 October. CHZ responded to the upgrade by gaining 5% in the following 24 hours.