5 Factors Behind Chiliz (CHZ)’s Price Surge

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Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy. 

According to Coinmarketcap, CHZ has risen by 5.46% in the past 24 hours and by 392.13% in the past 7 days. The market capitalization ranks No.30 with a value of $3,642,507,507 and at the time of writing, CHZ is trading at $0.6251.What are the factors behind the skyrocketing Chiliz?

 

  • The NFT(Non-fungible tokens) boom drove the rise of Chiliz

Source: NFT Volume Via Dune Analytics

SourceTotal OpenSea Users Overtime via Dune Analytics

The excellent performance of CHZ/USD has shocked many, mainly because people’s wide interest in non-fungible tokens (NFT) has greatly served to explain its boom. The popularity of the NFT market has also contributed to the rise of CHZ tokens.

The total transaction volume of the NFT market reached $342 million, a full increase of 7450% from last year. The total transaction volume of the NFT trading platform OpenSea in February reached $93.9 million, a record high about 11.68 times the total transaction volume in January. Moreover, the total number of OpenSea users has exceeded the 60,000 mark. 

 

  • Blockchain fintech company Chiliz releases a $50 million investment expansion plan.   

CHZ price received an increasing boost when CEO Alexandre Dreyfus announced that he would invest $50 million in U.S expansion on March 2 to target the leading franchises from NBA, NFL, MLB, NHL, and MLS as part of its wider global expansion plans for 2021 and to help fulfill the company’s goal of creating a “multi-billion dollar digital sports ecosystem.” Chiliz is currently holding talks with the prestigious car race championship teams in order to strengthen its control over other sports.

 

  • NFT’s Google global search volume surpasses Defi(decentralized finance).

According to Google’s global search volume, the global search volume of NFT (blue) has a significant leap this year, far surpassing the search volume of decentralized finance (Defi), depicted in red below.

Source: Google Trend
  • The digital asset “fan token” created by Chiliz has been launched on many mainstream cryptocurrency exchanges.

On March 3, Chiliz coin was added to the list of the world’s leading cryptocurrency spot and derivatives exchange OKEx, in order to conduct spot transactions on the platform. CHZ can be traded on crypto exchanges such as OKEx, Binance, and Huobi Global.

 

  • Premier football team Paris Saint-Germain’s (PSG) advancement to the Champions League quarter-finals drives the demand for football-based digital fan tokens

Paris Saint-Germain’s progress to the quarter-finals of the Champions League triggered a surge in the trading volume of several leading sports organizations in the world on major cryptocurrency exchanges, resulting in a trading volume of $550 million.

Image source: Shutterstock



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