Main navigation

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

Mon, 12/19/2022 - 15:11
article image
Tomiwabold Olajide
CHZ tokens might eventually land on exchanges
Massive Chiliz (CHZ) Transfers Spotted in Recent Hours, Here's Destination
Cover image via

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

As reported by Lookonchain, massive Chiliz transfers have been spotted in recent hours. A Chiliz whale made a move of about 14 million CHZ, worth $1.6 million, to nine different addresses. The on-chain analytics provider predicts that based on previous trading behavior, the CHZ tokens might eventually land on exchanges.

Whales or holders typically transfer their assets to exchanges to sell them, and vice versa. In the last 24 hours, whales bought the CHZ dip as it fell to lows of $0.07.

According to WhaleStats data, Chiliz (CHZ), the native token that powers the Socios blockchain, ranked among the top 10 tokens purchased by the top 5,000 ETH whales.

Whales frequently buy at a discount during periods of decline; some may decide to "hodl" or resell at a higher price to maximize short-term gains.

Here's how price reacted

At the time of publication, Chiliz (CHZ) was down 6.1% at $0.115. The token is likewise down 19.7% in the last seven days and down 57.7% in the last thirty days.

The drop occurred amid the just-concluded FIFA World Cup. Before the worldwide event, investors anticipated a strong CHZ performance due to a constant upswing in the run-up to the event. Unfortunately, the conditions were different, as Chiliz instead saw selling pressure.

The FTX saga and ensuing fears of contagion did not help matters at all. On Dec. 8, Lookonchain reported that a giant whale with 680 million CHZ, worth nearly $102.6 million, was selling his Chiliz tokens. The whale was reportedly the fourth largest holder of Chiliz tokens. The whale moved about 20 million Chiliz to an address that was later shifted to nine other addresses.

On Dec. 8, CHZ's price closed the day down 6%.

article image
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.