Chiliz (CHZ) Sees A Double-Digit Surge As Fan Tokens Drive Market Gains

As fans prepare for the FIFA World Cup 2022, the popularity of fan tokens has risen, with Chiliz (CHZ) witnessing double-digit gains on both the daily and weekly charts.

Chiliz’s price has climbed up to 15% in the previous 24 hours, as sports and fan tokens are leading a new wave of a reversal in the crypto market despite a general market decline.

According to CoinMarketCap, CHZ is trading at $0.2251, rising by 15.7% over the past 24 hours and 24.56% over the previous seven days. The market value of Chiliz is $1.33 billion, increasing by $230 million since October 24, when it stood at $1.10 billion.

Chiliz tops the top 100 cryptocurrencies by market capitalisation in price growth over the past day, followed by Trust Wallet Token (TWT) with a 6.03% gain and Quant (QNT) with a 4.55% gain.

Chiliz ascends before the World Cup.

Twenty-one days before the 2022 FIFA World Cup in Qatar on November 20, sporting clubs and fans have stepped up their preparations.

Chiliz is a tokenised voice platform that gives sports fans more control over the esports corporations, teams, and sports they follow most closely. As the FIFA World Cup 2022 approaches, the performance of tokens such as CHZ is expected to surpass that of altcoins and meme currencies.

The excitement around the FIFA World Cup 2022 has driven a surge in fan tokens and other sports-related cryptocurrencies. These assets, which have been in the vanguard of crypto rallies, offered holders significant returns, like 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%.

Since Bitcoin (BTC) may be preparing for a test of support at $20,000 and BTC dominance is diminishing, it’s time for traders to buy fan tokens at a discount before November 20, 2022.

As traders complete profit-taking and the football craze subsides, the value of these alternative cryptocurrencies is likely to decline.