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Chiliz: This Metric Predicts CHZ Price Change in Next Move

Thu, 04/20/2023 - 13:22
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Tomiwabold Olajide
Large move noticed on network
Chiliz: This Metric Predicts CHZ Price Change in Next Move
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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.

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.

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

Chiliz (CHZ) Jumps 13% as Chiliz Chain 2.0 Goes Live: Details

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.

Massive Chiliz (CHZ) Transfers Spotted in Recent Hours, Here's Destination

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.