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Paris Saint-Germain Becomes Trailblazing Validator On Chiliz Blockchain, Fueling 9% Rally In CHZ

In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.

PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.

Chiliz $1 Billion SportFi Ecosystem Attracts PSG

According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.

Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.

Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans. 

Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.

Web3 Adoption In Sports

To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace. 

According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.

In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024. 

Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:

This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.

Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating: 

Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.

CHZ Skyrockets To $1.13 Billion Market Cap

Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.

Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.

Chiliz

Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.

Featured image from Shutterstock, chart from TradingView.com

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Chiliz (CHZ) Continues To Record Significant Gains, Moves Over 5% In The Last Day

The global cryptocurrency market cap stands at $1.05 trillion, representing a 0.19% increase in the last day. As the cryptocurrency market continues to rally, altcoins are posting incredible gains.

For instance, Chiliz’s price is gaining today, reflecting the positive moves of the general market. CHZ’s trading volume has also increased by 82.02% in 24 hours, showing rising interest among investors.

CHZ is among the top gainers today, recording an almost 6% increase in value. The asset has outperformed market leader Bitcoin today, which recorded a 0.02% increase in 24 hours. This price increase might support a bull run in the coming weeks.

Some experts have predicted 2023 to be bullish, and the price performance of cryptos so far is leaning toward this prediction.

What Is Behind The Chiliz (CHZ) Rally?

CHZ acts as a fan token and has always been a community-driven project that relies on voting power from members. The Chiliz project has many lucrative partnerships with soccer giants such as Juventus, Manchester City, FC Barcelona, and Paris Saint-Germain. It equips the club supporters with limited editions of fan tokens.

Sports is a lucrative sector worldwide, with fans investing heavily in merchandise and fan tokens to support their favorite teams. The platform’s native token CHZ is the currency for purchasing these fan tokens through smart contracts. These fan tokens are offered in limited supply to preserve their scarcity and uniqueness.

The Chiliz development team posted the progressive strides the network has made in 2022 and early 2023 on Twitter. It has formed new partnerships with notable partners such as Italian Serie A teams, MLS teams, and SL Benfica. Also, the Scoville Testnet upgrade launched in 2022 has recorded success in stages 1-5. According to the development team, Stage 6 will launch in 2023.

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CHZ Price Prediction Where Is it Headed?

Chiliz (CHZ) is trading at 0.1461, a 5.29% increase in the token’s value. The Chiliz token is in an uptrend, as the formation of consecutive green candles with higher highs indicates.

CHZ is trading above its 50-day Simple Moving Average (SMA) and below its 200-day (SMA). It implies a short-term rally as the bulls seize control of the market. The support levels are $0.130459, $0.133246, and $0.136924, while the resistance levels are $0.143388, $0.146176, and $0.146176.  

Chiliz has broken its first resistance level of $0.133246 and turned it to support, leading to a positive movement on the charts. The Relative Strength Index (RSI) is at 64.85, showing that Chiliz is close to the buy zone but not in the overbought region. If the bullish pressure sustains,  Chiliz will likely surpass its next resistance level soon.

The MACD (Moving Average Convergence Divergence) is now above the signal line. It also indicates slight bullish pressure. However, the MACD is still tentative and reflects a possible reversal if the bears seize control.

Expect CHZ to sustain its gains in the coming days. The asset will likely surpass the $0.14676 level soon. However, if the resistance prevails, it will retrace to the $0.133246 support.

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Chiliz (CHZ) Leads Market Gains With Over 8%

CHZ continues to lead the market in gains as more anticipation builds toward the World Cup. The go-to fan token was seen keeping an intraday profit of 7.37%. It reached a local high of $0.246 during the day before retracting to its current price of $0.242. Despite falling below its trading-day floor, it quickly bounced back, leaving traders with substantial profits.

CHZ week-on-week charts also indicate bullish momentum for the fan-themed token. Holding 8.58% profits, CHZ’s price looks confident over the entire market as tokens struggle to gain some ground. Despite the World Cup anticipation driving high trading volume, CHZ’s founder’s offer to bail out stranded FTX users also helped push prices higher.

As per data retrieved from CoinMarketCap, CHZ also holds gains against the top guns. At press time, CHZ held over 5% gains ahead of BTC and ETH. The token is already on a path to touch its intraday high and might see a positive break out.

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Chiliz’s price is currently hovering at $0.2436. | Source: CHZUSD price chart from TradingView.com

CHZ Founder Isn’t so Bullish On NFTs In The Sports Industry

Due to its connection with sports tokens, Chiliz has experienced a resurgence in investor interest in its native cryptocurrency, CHZ. Alexandre Dreyfus has seized the chance to emphasize why Chiliz has a promising future in the sports sector. 

The CEO talked about NFTs, which he mentioned was an awesome way to connect fans with their favorite teams. However, Dreyfus mentioned that most NFTs in the market lack utility. He added that this is a major reason why fans lose interest in these initiatives over time.

Dreyfus added that scalability might not be NFTs’ strongest suit. As a substitute, he said that fan tokens are a fantastic way to scale a team. This is so that teams may utilize them to create powerful digital communities since they are fungible. He added; 

It’s this ability to provide access and individual recognition to audiences at huge scale that sets Fan Tokens apart.

CHZ Active Wallets Increase As Supply On Exchanges Fall

The number of active addresses (30-day) has increased since November 6th. This demonstrated greater user interaction and may be a sign of an optimistic mood. Additionally, the weighted sentiment score was in the green, indicating that CHZ had a good social media outlook.

However, on-chain metrics revealed that throughout November, the percentage of supply on exchanges had decreased. This is quite unlikely, considering the huge drop in price within the week. Specifically, CHZ saw a price dump on the 14th that took its value to the $1.88 region. 

This drop is further witnessed in its 24-hour trading volume. Despite posting impressive intraday and week-on-week gains, the token trading volume dropped 24.38%. Even after all these, CHZ tokens have been moved off of exchanges. Given these stats, its active wallet increase might indicate that traders are not looking to spend their CHZ in the short term. This also suggests that there may be a buildup from bigger market participants.

Featured image from Pixabay and chart from TradingView.com

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Chiliz (CHZ) Records Higher Gains During Market Uncertainty

Popular fan token CHZ has printed substantial gains in the last week as football fans prepare for 2022’s world cup event. As of writing, the token is trading at a 2.20% gain on the day. Plus, its week-on-week chart looks green. Specifically, the 34th largest token by market cap still keeps over 9% gains from last week. 

However, the fan-themed token also witnessed a sizeable decrease in trading volume over the past 24 hours. Approximately $571,090,877 worth of CHZ has exchanged hands in the last day, representing a 38% decrease. The token might see more trades soon as the official opening match of the world cup is just four days away.

CHZ To Bail Out Stranded Holders on FTX

Alexandre Dreyfus, CEO of Chiliz, said on Twitter that the company would set aside 38 million CHZ to assist affected FTX users. According to the tweet, the company will compensate each victim with $10,000. The company’s head added that the 38 million CHZ bailout fund would go to FTX subscribers who couldn’t withdraw after the exchange’s collapse. However, he mentioned that only FTX users who owned CHZ on the exchange would receive the $10,000 payout.

According to the tweets, the 38 million CHZ indicates the on-chain amount FTX exchange held in its wallet up to the previous week.  The company’s latest initiative “will be just for private users and not for institutions,” Chiliz added. However, “full legal assessment and clearance from the liquidator to send us the list of users” must first be obtained.

On November 12, hackers stole more than $400 million from the already troubled FTX exchange. This occurred shortly after the exchange had filed for bankruptcy, only hours before. Sadly, Dreyfus claims that the attack resulted in the loss of 37 million CHZ.

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CHZ’s price is currently hovering at $0.2246. | Source: CHZUSD price chart from TradingView,.com

The Bulls Fueling A Convincing CHZ Rally – Can They Succeed?

After establishing long-term support in the $0.15 area, the bulls were able to stage a convincing rally. This recovery brought in a huge 25.5% ROI in just six days. Meanwhile, in the four-hour time frame, CHZ broke out of a bullish flag. CHZ climbed back up over the $0.22 resistance after the pattern break. In addition, both the 20 EMA (red) and the 50 EMA (cyan) were going north and trying to finish above the 200 EMA (green). The possibility of a bullish crossover may bolster optimistic short-term outlooks.

The sellers may be able to keep the buyers in check if CHZ’s price breaks the $0.24 resistance level. The first major support for a bearish reversal, whether it happens right away or in the future, is between $0.20 and $0.21. A sustained move over $0.24 would signal buyers are committed to pushing prices higher. Under these conditions, the first significant barrier is around $0.27 and $0.29.

The Relative Strength Index’s rise over the 50 levels indicated a momentum change favoring buyers. The MACD line (blue) also rose above zero, confirming the bullish RSI reading. If the orange signal line closes decisively above the zero line, buyers may try to time their entry.

Featured image from Pixabay and chart from TradingView.com

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Chiliz (CHZ) Continues To Shine With Over 30% Gains

The number one sports altcoin, Chiliz has been chilling with impressive gains this past week. Although it has traded in the red zone for most of today, CHZ still holds over 30% gains from the last seven days.  Its continued shine comes as the FIFA world cup draws closer. As FIFA’s official blockchain partner, there’s bound to be massive activity in the ecosystem throughout the tournament.

The top-50 crypto has also enjoyed massive mentions on Twitter and other social media this period. There’s a potential that CHZ is heading for a breakout. However, the charts show that it has reached the overbought zone. Can it continue to shine till the end of November?

CHZ Charts Suggests Bullish Future

CHZ’s price rose by more than 30% in only one week. It started at a low of $0.216 on October 31 to an intraday high of $0.295 on November 7. The price increase came after forming a bullish pattern known as the inverse head and shoulder (IH&S).

In more detail, the inverted head-and-shoulders pattern consists of three consecutive bottoms, with the head and shoulders in the middle. A shared Neckline links the three dips together. The three dips and subsequent retracement to the neckline are formed as the pattern develops.

Furthermore, the pattern forecasts a rise if the token penetrates the upper limit. CHZ bulls may see gains of up to 210%, resulting in a CHZ/USD exchange rate of $0.901. As of late, CHZ has been trading close to the pattern’s neckline. If CHZ’s price breaks out and stays above the trendline, it should attract buyers and lead to more price gains.

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Chiliz’s price is currently hovering around $0.28. | Source: CHZUSD price chart from TradingView.com

Fan Tokens Help CHZ Surge As World Cup Approaches

The forthcoming FIFA World Cup may be inspiring positive sentiment in the Chiliz price. The platform positions itself as a fan token, with sports lovers as its target audience. Therefore, CHZ has enjoyed massive surges partly by anticipation of the event, which kicks off soon. The CHZ token allows users to engage more actively in the day-to-day operations of their favourite sports teams. This, in turn, generates additional revenue streams for the businesses that sponsor the teams. Therefore, even if CHZ drops owing to an overbought RSI, the token still has strong positive momentum because of the World Cup.

Additionally, numerous national football teams competing in the highly anticipated tournament have launched their football fan tokens. This includes Spain National Football Team Fan Token (SNFT), Portugal National Team Fan Token (POR), and Argentine Football Association Fan Token (ARG).

All these tokens are made possible thanks to Socios, the platform for football fan tokens powered by Chiliz (CHZ). However, 32 nations are competing for the championship in Doha this year. As a result, the potential of the football tokens held by the national teams is heavily dependent on two factors. The first is how well the teams do on the field, and the second is the support they receive from their die-hard fans.

Featured image from Pixabay and chart from TradingView.com