Chiliz (CHZ) Scores 25% Weekly Gains as FIFA World Cup Nears Kick-Off

Chiliz (CHZ) Scores 25% Weekly Gains As FIFA World Cup Nears Kick-Off

Football fans all over the world are crossing out days in their calendars for the biggest sporting event of the year – the FIFA World Cup 2022 in Qatar. Chiliz (CHZ), the soccer-focused cryptocurrency, had demonstrated a strong bullish performance this week, climbing back above the crucial resistance line with significantly increased trading activity.

Hattrick of Prosperous Football Fan Tokens

What’s more, several national football teams participating in the highly-anticipated event have their own football fan tokens, for instance:

  • Spain National Football Team Fan Token (SNFT)  – 12.3% weekly gains
  • Portugal National Team Fan Token (POR) – 29.4% weekly gains
  • Argentine Football Association Fan Token (ARG) – 34.1% weekly gains

All of the above are supported by Socios, the football fan token platform that’s powered by Chiliz (CHZ). However, there are 32 nations going all out for the title in Doha this year, so the potential of the national teams’ football tokens highly depends on performance on the field as well as loyal fan support.

Chiliz (CHZ) Recovers from Terra (LUNA) Provoked Injury

At press time, the #44 crypto by total market capitalization, the sports altcoin Chiliz (CHZ), trades at $0.255582, according to CoinGecko, which indicates a 6.6% daily uptrend and a juicy 25% in the green since last week.

Besides, the total market capitalization now stands at $1.33bn, a monthly high for the football fan crypto. In comparison, Chiliz (CHZ) market cap was still below $1bn on October 24, 2022, before bouncing back to the levels the altcoin had already maintained in April, prior to the infamous Terra (LUNA) fiasco.

On the Flipside

  • Rival football-focused cryptocurrency Algorand (ALGO), the official blockchain of FIFA World Cup 2022, is also enjoying similar growth.
  • Algorand (ALGO) gained 25.4% in the last 7 days with, an 8.8% daily increase, and is now priced at $0.411934.

Why You Should Care

The FIFA World Cup ’22 is set to begin in two weeks, hence football-related tokens are getting more attention as football fans from around the globe flock to Doha, Qatar to support their national squads.

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

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.