In the last 24 hours, the price of Chiliz (CHZ), the native token that powers the Chiliz network, has increased by as much as 15%.
At the time of publication, CHZ is changing hands at $0.219, up 12.9% in the last 24 hours and up 20% in the last seven days, according to CoinMarketCap data. Also, trading volumes have jumped 272% as traders buy in large quantities to capture profits.
Given the surge in price, Chiliz leads the top 100 cryptocurrencies by market cap in gains, as the majority of cryptocurrencies traded in red or saw minimal gains. Binance's BNB token is up 7%; likewise, Chainlink was up 6%. Meme cryptocurrencies Dogecoin and Shiba Inu retreated after posting massive gains over the weekend.
These might be reasons for rise
The start of the FIFA World Cup 2022 in Qatar is scheduled for Nov. 20, and supporters and sports clubs have already stepped up their preparations 21 days before the event. Anticipation for the FIFA World Cup 2022 has sparked a rise in sports-related cryptocurrencies and fan tokens.
The recent increase in Chiliz on both the daily and weekly timeframes reflects this.
The planned Chiliz 2.0 upgrade might also have partly caused the Chiliz price to increase. With the update, developers will be able to better launch their entertainment applications on Chiliz. Chiliz will execute transactions more quickly and have gas prices that are roughly 200 times less expensive than Ethereum.
Chiliz 2.0 will use the Proof-of-Stake Authority method (PoSA), a novel strategy. Before the upcoming update, the network launched the Scoville testnet earlier in October. Also, a redesigned version of the Chiliz exchange added new fan token logos to the ChilizX web.