Pre-UEFA Euro Price Surge of Chiliz’s CHZ Token Sparks Memories of FIFA
Crypto News– A cryptocurrency, bridging the worlds of blockchain technology and sports, has recently generated considerable excitement in the crypto markets amidst sluggish performances from major digital assets.
CHZ, the native token of the Chiliz blockchain (CHZ), which fuels Socios.com, the largest platform for creating sports fan tokens, has surged by 25% in the span of seven days, reaching a two-month high of over 15 cents. Today, prices peaked at a three-week high of 16 cents, as reported by Coingecko.
This double-digit price surge ranks as the third largest among the top 100 cryptocurrencies by market value, trailing only bitcoin and ether. (Note: Notcoin and dogwifwhat have shown the best performances.) The anticipation surrounding the upcoming Union of European Football Associations (UEFA) Euro, featuring 24 countries, scheduled from June 14 to July 14, appears to have contributed to the heightened valuations of CHZ. Most fan tokens are acquired on Socios.com using CHZ, underscoring the cryptocurrency’s role in facilitating interaction between fans and their beloved sports teams.
A more significant rally occurred in the run-up to the 2022 FIFA World Cup. During the summer of 2022, the token’s value doubled to nearly 30 cents, peaking a day before the global sporting event commenced on November 20, 2022. However, prices experienced a sharp decline of nearly 40% in December of that year.
A recent study titled Anticipatory Gains and Event-Driven Losses in Blockchain-Based Fan Tokens: Evidence from the FIFA World Cup, published in Research in International Business and Finance, uncovered that sports tokens are typically susceptible to the buy the rumor, sell the news phenomenon. This pattern involves a period of optimism and price surges leading up to an event, followed by subsequent price declines after the event has concluded.
FAQs
What is CHZ Token?
CHZ Token is the native cryptocurrency of the Chiliz blockchain, which powers Socios.com, the largest platform for creating sports fan tokens.
What caused the recent surge in the price of CHZ Token?
The recent surge in the price of CHZ Token can be attributed to the anticipation surrounding the upcoming UEFA Euro event, as well as its association with Socios.com, where fan tokens are acquired using CHZ.
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