Advertisement
AD

Main navigation

Chiliz: This Metric Predicts CHZ Price Change in Next Move

Advertisement
Thu, 20/04/2023 - 13:22
Chiliz: This Metric Predicts CHZ Price Change in Next Move
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

On-chain analytics firm IntoTheBlock takes a look at Chiliz's on-chain activity in a recent thread of tweets.
 
It states that there has been a significant increase in transactions over the previous week, particularly large transactions ranging in size from $10,000 to $1 million.

Advertisement

A larger move was noticed on the network near the end of March, with around 10,000 transactions occurring in a single day.

According to this activity, the majority of addresses having a balance made a transaction during the previous two years on this day. A total of 21.5% of addresses with balances had transactions on this particular day.

Advertisement

It states that these transactions might be connected to the mainnet or whales shifting their assets.

Related

IntoTheBlock notes that regardless of which of the reasons stated above might apply to large transactions, the trend in large transactions might foreshadow significant price movements in the near term.

It is noteworthy that the tokens transacted during this time had been held for a considerable amount of time. The CHZ that were exchanged on March 27 had an average holding time of nine months, which is the longest holding time ever for the crypto asset.

12.58% of Chiliz holders in profits

CHZ reached an all-time high of $0.89 on March 13, 2021, according to CoinMarketCap data. Per IntoTheBlock, only 12.58% of CHZ holders are in profit. At the time of writing, CHZ was down 2.97% at $0.13.

The indication that a lot of Chiliz holders historically acquired CHZ from 0.159 onward might seem like something to consider as, if the price moves in this direction, it might catalyze more moves.

Last but not least, IntoTheBlock notes that there has been no appreciable increase in users despite new addresses being generated. Around the time of the World Cup, Chiliz witnessed a spike in new users. It is unclear if Chiliz's imminent mainnet launch will also attract new users.

Related

The number of addresses owning CHZ decreased as March concluded, while whale dominance increased, indicating consolidation by a large holder. The rumor in the community is that Binance is the holder.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD