Chiliz (CHZ) is an Ethereum token that powers Socios.com, a platform that lets users trade tokens to show their support for professional sports teams. Over the past 4 days, a giant whale has quietly dumped a total of 41 million CHZ worth more than $6 million into the market. This address is still holding 680 million CHZ, worth about $102.6 million.
According to Lookonchain, the whale first transferred 21 million CHZ to 9 addresses on Binance, OKX, Bybit and Kucoin. Then, 20 million CHZ continued to move to the same 9 addresses. The price of CHZ thereby has a significant decrease.
Although the previous fan token brought great excitement to the crypto community, since FIFA World Cup 2022 started CHZ price has continuously sunk in red. Investors do not have much incentive to hold this fan token anymore. At the time of writing, CHZ is trading around the $0.15 mark and is expected to fluctuate strongly as the event nears its end.
However, many people are still looking forward to Chiliz Chain 2.0 (CC2), the layer 1 blockchain of the project, which launched its testnet in April and scheduled to deploy mainnet in the fourth quarter of this year.
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