Chiliz(CHZ)/USDT Price Prediction: 13 January 2022

Overview

Chiliz is the world’s first tokenized Sports exchange powered by the Socios of Spanish soccer teams which allows the sports fans to enjoy unique experiences with their favorite teams. While the Spanish Soccer teams entrust their fans with various benefits like early ticket access, club voting rights, etc, Chiliz on the other hand leverages blockchain to allow a direct connection between the fans and the team. 

The native token of the platform CHZ, since its inception, waited for a remarkable boost that it received just before the May crash of 2021. No doubt the asset failed to smash the milestone at $1, yet also refused to follow a depleting pattern that would have compelled the price to trade much below $0.1 levels. Currently, Chiliz price is attempting very hard to keep up the bullish momentum, yet it appears to be a pretty tedious job. 

What is Chiliz(CHZ) Coin-In Brief!

Chiliz was founded by Alexandre Dreyfus, who is well-known to launch multiple businesses across the travel and entertainment industry. The platform intends to bridge the gap between soccer fans with their favorite team. Chiliz uses blockchain technology to enable the fans to purchase the fan tokens using the CHZ token. 

The sports team is required to partner with Chiliz where-in they can customize the real-world experience they want to offer to their fans. The fans holding the Fan tokens gain access to the operations of their favorite teams and also get a chance to contribute in the decision-making process. In short, Chiliz allows the sports franchise to monetize their fans as a reward for their loyalty towards the sport and the team.

How Does Chiliz Coin Works?

CHZ  stepped into the crypto space through a private token sale in 2018 raising over $66 million. The token is built both on Ethereum as well as Binance smart chain and hence possesses the dual feature of being an ERC-20 as well as BEP-20 token. In order to purchase the Fan tokens of their favorite team, one has to hold CHZ tokens. Later the holder can swap the CHZ tokens for the team tokens. 

These tokens can be utilized to access exclusive meet & greet, memorabilia & direct voting decisions for the betterment of the platform. Interestingly, the FAN tokens are burnt each time the team wins and hence adding up more value for the token. The Fan tokens run on a Proof-of-Authority mechanism which slightly differs from the Proof-of-Work & Proof-of-Stake mechanisms. PoA requires a distributed network of anonymous nodes to uphold the truthfulness of the network. Here the validators do not stake their coins but their own reputation instead. Therefore the blockchain is secured by the validating nodes which are randomly selected as trustworthy nodes.

Will CHZ Price Hit $1 by the End of 2022?

CHZ’s price since its inception hovered below $0.01 until the 2021 bull rally escorted the price as high as $0.8 levels within a couple of months. However, the glory quickly faded as the asset plunged drastically to hit the bottoms much below $0.2. Despite the bearish trend, the asset flipped to surge high to reach levels beyond $0.65. 

But after consolidation for a while, it quickly slashed to its initial levels. And since then it is hovering at the same levels, swinging in between $0.24 and $0.35.However, the RSI is showing some strength in the long-term and hence a decent uptrend may be fast approaching. However, the selling pressure is not completely eased out and hence one can expect a continued consolidation for some more days. 

On the other hand, the market sentiments are also pretty uncertain at the moment and so the investors are. Bitcoin needs to show some strength and later calm down for a while. And this is when the other altcoins may jump into action. CHZ price may also gain some momentum then and again try to reach the immediate resistance levels initially at $0.35 and later close to $0.6. No doubt $1 is pretty distinct, yet another bull run similar to that of 2021 could escort the price to these levels. 

Factors Affecting CHZ Price Today

Chiliz- A Non-Fungible Token

Chiliz partnered with the decentralized oracle leader Chainlink and entered the NFT space. With the launch of the live in-game NFTs for fan token holders, the CHZ price responded positively surging with decent numbers. 

Multiple Partnerships

Chiliz is well known for being the first choice for the biggest football teams like Paris Saint Germain(PSG), Atletico de Madrid (ATM), etc. Socios.com which is powered by Chiliz network partners with multiple clubs, adding more rewards for the fans.

Burning Mechanism

Chiliz announced its Token Economics 2.0 according to which 20% of the Net trading frees of the exchange collected in $CHZ will be burnt. 10% of the Net proceeds of the Fan Token Offering(FTO) from the Chiliz platform collected in $CHZ will be burnt. And finally, 20% of the Net Proceed of NFT & Collectibles issued by $CHZ will be burnt.

Whale Acquisition

Recently, Ethereum whales loaded up several other gaming tokens where-in CHZ remained the top choice. As per some reports, the 79th wealthiest ETH whale bought nearly 144,842,922 tokens worth $45.7 million then. 

Where & How to buy Chiliz(CHZ)?

Chiliz being the most popular sports exchange is pretty much popular on most of the cryptocurrency exchanges. Well, here in CoinDCX one can enjoy huge benefits besides hassle-free smooth trades. We are India’s most reliable cryptocurrency exchange with a huge user base of more than $7.5 million. The platform aims to provide financial freedom for the unbanked and also educate the masses to learn cryptocurrency. 

Registering here is quite simple, just download the CoinDCX mobile App on your smartphone and register with your personal and bank details. Do not forget to complete your KYC process for uninterrupted withdrawals. 

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