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Why Sports-Based Crypto Chiliz Is Defying the Bear Market

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Why Sports-Based Crypto Chiliz Is Defying the Bear Market

The price of Chiliz (CHZ) is up around 35% since the start of the week (WTD), reaching $0.26 per token. As a result, the token performed better than Bitcoin (BTC) and Ether (ETH), which fluctuated between gains and losses over the same period.

As noted by Santiment, a Crypto analytics firm, even power buyers have returned to the network. Since March 29, whale transactions have reached the maximum amount of the network. In this regard, Santiment continued, “The CHZ surge could continue even if the whales make a profit.”

Chiliz inventor Alexandre Dreyfus said on August 22 that the company would stop using the Ethereum blockchain to launch its fungible and non-fungible tokens and instead switch to its own native chain, CHZ 2.0.

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

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“We believe @chiliz can innovate on top of fungible token forms. It’s easier to get started and grow as we partner with over 100 of the world’s largest companies,” he added.

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

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Network upgrade has different phases, each with its own relevance and importance

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

The Pequin update is said to be five to eight times hotter than the previous Jalapenous release, according to the official Twitter account.

The larger crypto ecosystem, which is under downward pressure from the sports-based cryptocurrency, is not enough to slow the surge as the value of the token has risen around 50% over the past week, indicating that the buyers are active in the market.

A connection with a major UK based football team has been the main driver of growth. Alongside their partnership with Arsenal FC, the Socios platform and Chiliz have also unveiled a number of campaigns intended to bring more fundamental value to the project.

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

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