Chiliz (CHZ) Hits 3-Month Low on the Eve of FIFA World Cup Quarterfinals

Ongoing dispute between FIFA & Qatari authorities leaves its red mark on top soccer fan tokens.

Chiliz (CHZ) Hits 3-Months Low In The Eve Of FIFA World Cup Quarterfinals

The crypto winter has taken its toll on the most popular soccer fan tokens, as Chiliz (CHZ), the sports altcoin that powers the soccer fan token platform Socios.com, continued to drown throughout the week. With a 5.5% weekly deficit, CHZ even dropped out of the TOP 50 cryptocurrencies by total market capitalization and failed to immediately bounce back from losing its crucial $0.16 resistance level for the first time in three months.

Sponsored

At press time, the sports fan cryptocurrency trades at $0.1535, according to CoinGecko. Ranked #54, the soccer token powerhouse lost a large chunk of its total market cap, shrinking from $1.43bn one day before kick-off on November 19th, 2022, to an eye-watering $813 million today. Further, the next crucial resistance line to be tested is $0.14 if the bearish trend persists.

On the other hand, rival sports blockchain Algorand (ALGO) is not doing any better, with a 32.8% loss in the last 30 days compared to Chiliz’s 28.9% monthly deficit. The #32 ranked FIFA World Cup 2022 Official Blockchain Algorand (ALGO) is priced at $0.225050, according to CoinGecko.

FIFA and Qatari Authorities Squabble on Match Day

Part of the routine soccer-related crypto bloodbath nowadays might be linked to the altercation between FIFA and the organizers of the current edition of the largest sporting event. Controversies related to human rights, overpriced living costs, and alcohol bans constantly make waves on social media. This has ignited immense backlash from the fans that chose to travel to Qatar, but that’s far from all. According to the Daily Mail, FIFA has sent several legal complaints to Qatar’s Supreme Committee during the tournament with no response.

To illustrate, Budweiser, the official beer of the competition, is due compensation for strict rules on advertising and the fact that fans who are not filthy rich are simply not allowed to drink beer in the stadiums or even fan zones. As if that wasn’t enough, Qatari authorities wanted to ban the iconic beer brand from their own hotel.

Even though FIFA’s commercial department convinced the Qatari government to grant a license, there seem to be numerous tensions that neither FIFA nor the Qatari authorities want to discuss. However, the Supreme Committee chief executive Nasser Al Khater asserted that “we have a successful World Cup,” implying that even amid this dramatic clash of perspectives, people should focus on soccer and enjoy the game.

Sponsored

Chiliz announced a Match Day contest with a simple question: “who will win the match and why?” As the Netherlands is getting ready to take on Argentina, crypto enthusiasts with creative and accurate answers will be able to win $200 in CHZ simply by replying on Twitter, liking, and retweeting the sports crypto promotion.

On the Flipside

  • Despite the continuous soccer fan token drowning, Brazil National Football Team Fan Token (BFT) is up by 5% today.
  • As Brazil is getting ready to challenge Croatia, the Brazilian national soccer crypto trades at $0.216699 and has just entered the #1,000 position by market cap.

Why You Should Care

Recent surveys show that seven of ten crypto enthusiasts are following the FIFA World Cup, while half invest in soccer fan tokens.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.