Chiliz (CHZ) Price Surges After Binance’s PEPPER Airdrop Announcement

Chiliz (CHZ) Price Surges After Binance’s PEPPER Airdrop Announcement

The native cryptocurrency of the Chiliz blockchain CHZ, has experienced a sharp rise, fueled by Binance’s recent announcement of the PEPPER token airdrop. On October 10, 2024, Binance began the first of four snapshots for the PEPPER airdrop, offering CHZ holders exciting rewards. This has led to a significant 13% jump in the price of Chiliz, now standing at $0.07227, with its market capitalization surpassing $650 million.

Airdrop Details and Impact on CHZ Price

To qualify for the airdrop, users need to hold a minimum of 100 CHZ across Binance wallets (funding, spot, and margin). Eligible holders will receive 1,000 PEPPER tokens for every 150 CHZ, with airdrop snapshots scheduled throughout October. The distribution will be completed in one batch after the snapshots, while CHZ trading remains unaffected.

The announcement has spurred demand for CHZ, as investors aim to increase their holdings and benefit from the airdrop. The Chiliz price has surged, breaking past the critical resistance level of $0.0715 and transforming it into support. The open interest for CHZ derivatives has also jumped 58%, signaling increasing bullish momentum.

Technical Outlook: Bullish Momentum

The CHZ token has moved above key technical indicators, including the 50-day and 100-day Exponential Moving Averages, indicating growing bullish strength. With the price now targeting $0.084, a level last seen in mid-April, Chiliz seems poised for further gains.

Future Prospects

The success of the airdrop and continued support from Binance is expected to keep CHZ in the spotlight, while PEPPER could soon become the first meme coin on the Chiliz blockchain. Although PEPPER’s utility remains uncertain, the community-driven initiative may add to the growing appeal of Chiliz in the sports and blockchain sectors.