Why Chiliz the sports-based crypto is defying the bearish market

The price of Chiliz (CHZ) had increased by around 35% week-to-date (WTD), reaching $0.26 per token. As a result, the token has done better than Bitcoin (BTC) and Ether (ETH), which have fluctuated between gains and losses over the same time period.

As Santiment, a Crypto analytic firm noted, even powerful purchasers flocked back to the network. Since 29 March, whale transactions have reached the maximum network amount. In this regard, Santiment continued, “the CHZ surge could continue even if whales are profit taking.”

The inventor of Chiliz, Alexandre Dreyfus, declared on August 22 that the company would quit using the Ethereum blockchain to launch its fungible and nonfungible tokens and would instead switch to its own native chain, CHZ 2.0.

Dreyfus stated, “We don’t have to rely just on ERC20 or ERC721 similar indefinitely.”

“We believe that @chiliz can innovate on top of fungible token forms. It is simpler to launch and expand because we collaborate with more than 100 of the biggest companies worldwide,” he added.

The CHZ community’s activities may have been precipitated by the announcement of CHZ 2.0.

There are various phases to network upgrading, each with its own relevance and importance

The network is currently prepared for the fifth phase rollout, known as “Pequin,” which will see the debut of a cross-chain CHZ bridge.

The Pequin update would be five to eight times hotter than the previous Jalapenous version, according to the official Twitter account.

The big crypto ecosystem, which is under bearish pressure from the sport-based cryptocurrency, is not enough to slow down the surge, as the token’s value increased by around 50% over the past week, indicating that buyers are active in the market.

A connection with a significant soccer team based in the United Kingdom served as the main engine for the growth. Along with partnering with Arsenal FC, The Socios platform and Chiliz also unveiled a number of campaigns intended to provide more basic value to the project.

The token then made its way into the top 40 cryptocurrencies by market cap.