Chiliz is up 15% in 24 hours as fan tokens drive crypto market gains; here’s why.
As supporters prepare for the FIFA World Cup 2022, the popularity of fan tokens has grown, with Chiliz (CHZ) in particular seeing a double-digit growth in both the daily and weekly charts.
Chiliz’s price has risen by up to 15% in the previous 24 hours as sports and fan tokens lead a new wave of trend reversal in the cryptocurrency market, despite a larger market drop.
CHZ is now trading at $0.2251, up 15.7% in the last 24 hours and 24.56% in the past seven days, according to CoinMarketCap data gathered by our analysts. Meanwhile, Chiliz’s market capitalization is $1.33 billion, up $230 million from October 24, when it was $1.10 billion.
Chiliz tops the top 100 cryptocurrencies by market value in gains, followed by Trust Wallet Token (TWT) in second place with a 6.03% gain and Quant (QNT) in third place with 4.55%.
Chiliz is on a roll heading of the World Cup
The FIFA World Cup 2022 in Qatar is due to begin on November 20, and sporting clubs and supporters have already begun to ramp up their activities 21 days before the tournament.
Chiliz is a tokenized voice platform that promises to empower sports fans by assisting them in managing the esports organizations, teams, and sports that they care about the most. As the FIFA World Cup 2022 approaches, it is expected that tokens such as CHZ would outperform altcoins and meme currencies.
The enthusiasm around the FIFA World Cup 2022 has driven a surge in fan tokens and other sports-related cryptocurrencies. These assets have been at the forefront of cryptocurrency rallies and have provided holders with enormous returns, such as the Argentine Football Association Fan Token (ARG), which is up 23% in the last 24 hours, and the Portugal National Team Fan Token (POR), which is up 18.46%; both of these tokens’ national teams will compete in the World Cup.
Given that the price of Bitcoin (BTC) may be prepared for a test of support at $20,000 and that BTC dominance is waning, this may provide an opportunity for traders to acquire fan tokens at a lower price ahead of the event on November 20, 2022.
However, there is a chance that these alternative cryptocurrencies may fall significantly once traders conclude profit-taking and the football excitement fades down.
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