Chiliz Climbs 15% in 24 Hours as Fan Tokens Lead Crypto Market Surge; Here’s why

by Arthur · October 31, 2022

As fans get ready for the FIFA World Cup 2022, the popularity of fan tokens has increased, with Chiliz (CHZ) in particular producing a double-digit increase in both the daily and weekly charts.

Over the past 24 hours, the price of Chiliz has increased by as much as 15% as the sports and fan tokens lead a new wave of trend reversal in the cryptocurrency market despite a broader market decline.

Currently, CHZ is trading hands at $0.2251, up 15.7% in the last 24 hours and up 24.56% over the last seven days, according to data obtained by Finbold from CoinMarketCap. Meanwhile, Chiliz’s market cap is $1.33 billion, up $230 million since Oct. 24, when it was $1.10 billion.

Chiliz 1-day price chart. Source: CoinMarketCap

Given the rally in price over the past day, Chiliz leads the top 100 cryptocurrencies by market cap 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 leads the top 100 winners in the crypto market. Source: CoinMarketCap

Chiliz storms ahead of the World Cup

The start of the FIFA World Cup 2022 in Qatar will take place on November 20, and already 21 days before the event, sports clubs and fans have increased their activities.

Chiliz is a tokenized voting platform that aims to give sports fans more agency and help them manage the eSports organizations, teams and sports they follow most closely. It is expected that the performance of tokens such as CHZ will surpass the performance of altcoins and meme coins as FIFA World Cup 2022 approaches.

The excitement surrounding the FIFA World Cup 2022 has led to a boom in fan tokens and other sports-related cryptocurrencies. These assets have been at the forefront of cryptocurrency rallies and have given holders huge returns, including those of the Argentine Football Association fan token (ARG), up 23% in the last 24 hours, and the Portugal national team fan token (POR) up 18.46%, will both national teams of these tokens participate in the World Cup.

The Fan token leads to gains in the crypto market. Source: CoinMarketCap

In light of the fact that the price of Bitcoin (BTC) may be preparing for a support test of $20,000 and that BTC’s supremacy is waning, this may provide an opportunity for traders to buy fan tokens at a reduced price ahead of the event that will take place on 20 November 2022.

However, there is also the possibility of a significant decline in these alternative cryptocurrencies as traders end profit-taking and the football frenzy dies down.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.