- Chiliz exec reveals plans for long-term growth by tapping into opportunities in the sports industry.
- CHZ whales might lead the charge as on-chain data signals their potential return.
The Chiliz network is exploring opportunities in its segment that may allow it to secure a better grip on the fan tokens segment. This is in line with the commitment towards long-term development as has been the case with most top blockchains.
How many are 1,10,100 CHZs worth today
Chiliz CEO Alex Dreyfus reiterated the network’s focus during an interview at Korea Blockchain Week. He noted that the sports industry has been characterized by a lack of innovation for quite some time and believes that Chiliz could plug that gap.
Chiliz @ Korea Blockchain Week 🇰🇷🎙️
Alex Dreyfus, CEO of Chiliz & @Socios: ‘The priority for Chiliz in the next few years is definitely continuing to invest in the technology to make sure we onboard more developers and utility providers for Fan Tokens.’#ChilizChain ⚡️ $CHZ pic.twitter.com/FiibFBbmVe
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) October 5, 2023
Mr. Dreyfus reiterated the need to focus on attracting more developers into the Chiliz ecosystem. He believes that this is the best strategy for advancing the network because developers can create more utility for fan tokens.
The statement confirmed that Chiliz remains focused on its long-term plans. Furthermore, these could yield value for its native cryptocurrency CHZ.
Assessing CHZ’s prospects
CHZ fans are likely curious about whether it will extend on the upside seen since the second week of September. Especially considering recent on-chain observations. In the last three days, we observed a massive spike in Active Addresses to the highest level in the last four weeks.
For perspective, the lowest number of Active Addresses recorded on 3 October was 347. That figure jumped to 1281 active addresses 24 hours later.
The spike in Active Addresses was accompanied by a surge in network growth. Most of the activity that manifested in the above metrics may have been bullish and here’s why. CHZ embarked on a significant pullback between 2 and 3 October. However, a slight upside curtailed the sell pressure, indicating a resurgence of demand.
The spike in the aforementioned metrics occurred after the Relative Strength Index (RSI) pushed into the 50% level which may have triggered some accumulation. This was evident in the Money Flow Index (MFI) which registered a slight pivot in the last two days.
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There was one major observation that could offer insights into whether CHZ will extend the bullish momentum observed since the second week of September. The Supply of CHZ held by Top Addresses has been on a decline since 21 September. Its outflows halted on 3 October followed by a slight gain.
This observation suggested that whales might be warming up to the idea of re-accumulating more CHZ. In short, we could see a resurgence of whale demand in the next few days. Such an outcome could strengthen any bullish attempts.