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CHZ continues to lead the market in earnings as World Cup anticipation rises. The must-have fan token was seen keeping an intraday profit of 7.37%. It hit a local high of $0.246 during the day before pulling back to its current price of $0.242. Although it fell below its trading day low, it quickly rebounded, leaving traders with substantial profits.

The weekly CHZ charts also indicate bullish momentum for the fan-themed token. Holding 8.58% in profits, CHZ price looks confident across the board as the token struggles to gain traction. Despite the anticipation of the World Cup resulting in high trading volume, the CHZ founder’s offer to bail out stranded FTX users also helped push prices up.

According to data taken from CoinMarketCap, CHZ also holds gains against top guns. At press time, CHZ held over 5% gains ahead of BTC and ETH. The token is already on track to touch its intraday high and could see a positive breakout.

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

CHZ founder isn’t so optimistic about NFTs in the sports industry

Due to its connection to sports tokens, Chiliz has seen renewed investor interest in its native cryptocurrency, CHZ. Alexandre Dreyfus took the opportunity to highlight why Chiliz has a promising future in the sports sector.

The CEO talked about NFTs, which he said was a great way to connect fans with their favorite teams. However, Dreyfus mentioned that most NFTs on the market lack utility. He added that this is one of the main reasons why fans have lost interest in these initiatives over time.

Dreyfus added that scalability might not be NFTs strong point. Instead, he said Fan Tokens are a great way to grow a team. This is how teams can use them to build powerful digital communities since they are fungible. He added;

It is this ability to provide one-on-one access and recognition to large-scale audiences that sets Fan Tokens apart.

CHZ active wallets increase as supply on exchanges decreases

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

However, string metrics revealed that throughout November, the percentage of supply on the exchanges had been declining. This is quite unlikely, given the huge drop in prices over the week. Specifically, CHZ saw a price drop on the 14th which took its value to the region of $1.88.

This drop is also visible in its 24-hour trading volume. Despite impressive intraday and weekly gains, token trading volume fell by 24.38%. Even after all this, CHZ tokens were removed from exchanges. Considering these stats, the increase in its active portfolio could indicate that traders are not looking to spend their CHZ in the short term. This also suggests that there could be an accumulation of large market players.

Featured image from Pixabay and chart from TradingView.com





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