Chiliz Whips Up 49% Gains as CEO Promises Aggressive Mergers

Chiliz blockchain unveils a spicy strategy to expand its audience with aggressive mergers and acquisitions in 2024.

A huge chili in the middle of little chili land.
Created by Kornelija Poderskytė from DailyCoin
  • Chiliz CEO shares plans for 2024, focusing on unification.
  • Chiliz recently surpassed 10 million on-chain transactions.
  • CHZ scored 49% gains in a week, claiming a 7-month high.

The sports-focused blockchain Chiliz scorched past $0.10 for the first time in seven months as discussions surrounding a looming merger in 2024 surfaced on social media. In further detail, Chiliz CEO Alexandre Dreyfus penned a tweet breaking down the upcoming merger plans, claiming that an aggressive merger and acquisition (M&A) is the way forward.

Merging Peers Inspire Chiliz M&A Strategy

This comes as Klaytn (KLAY) and Finschia Foundation are merging to create the largest Web3 powerhouse in the Asian region. KLAY, heavily supported by the Korean internet heavyweight Kakao, is a Layer-1 blockchain, the same as Chiliz (CHZ). 

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This merger enables Klaytn and Finschia Foundation to have over 250 million onboarded users in the Asian region and over 420 decentralized applications (dApps) that can be used interchangeably between the two merged parties. Commenting on these developments, the company’s CEO argued that a “hostile merge with token-based governance” is yet to happen.

Planning an aggressive merger move for 2024, Alexandre Dreyfus also mentioned that Chiliz had approached Klaytn last year for a merger, as having a bigger ecosystem centered around one crypto token appeals to Dreyfus as uncharted territory.

Here’s Why Chiliz Hit a 7-Month High

Meanwhile, the altcoin powering most soccer fan tokens has embarked on a 49% bull run in the last seven days, heavily supported by top crypto whales. To illustrate, cryptocurrency wallet addresses currently holding one to ten million CHZ coins have accumulated over 60 million in the last 30 days alone.

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The constantly accumulating crypto whales sparked a momentous bull run for CHZ with a 49% upswing in the last week to reclaim $0.10, a support level unseen since June 2023. At press time, CHZ trades at $0.1047, according to CoinGecko.

While Chiliz is still down 87.64% from its all-time high (ATH) of $0.878 set almost three years ago, veteran crypto traders point to the $0.12 resistance level. This could be flipped into a support level on the next bull run, according to Fibonacci Retracement. Approaching a $1bn market cap for the first time since November 2022, CHZ is still 22.2% down yearly.

On the Flipside

  • The recent CHZ bull run evaporated over $1 million in short positions in the cryptocurrency markets.
  • Chiliz’s CEO hadn’t disclosed the aggressive merger and acquisition (M&A) contenders.

Why This Matters

Blockchain mergers are an approach that focuses on quality rather than quantity by reducing the total number of blockchains but enhancing each chain’s robustness and user base.

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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.