Chiliz is one of the newest cryptocurrencies in town and was designed by Socios as a Non-Fungible Token (NFT). The coin is about a week old and already it is gaining grounds in the cryptocurrency universe. The coin was designed basically for fans of both traditional and online sports to use for engagement and crowd-funding their best teams, leagues, events and everything football-related. The rate at which the coin was accepted when it was introduced last week was more than enviable. The cryptocurrency surged as high as 75 percent within 24 hours of its launch and had a market value of $1.3 billion.
This week, Chiliz has gained the position of the best-performing cryptocurrency. Chiliz, as at press time had a trading volume of $4.4 billion dollars with a price of $0.648685. The record-breaking cryptocurrency which is fast becoming one to be reckoned with, has surged by 380 percent in one week.
Chiliz has also made it to the list as the 30th most valuable cryptocurrency. When it first its appeared, the cryptocurrency was 65th on the list of most valued cryptocurrency. The cryptocurrency has really done well, from 65th to 30th in just a week. Currently, Chiliz has a market supply of 5,547,664,720 Chiliz (represented by CHZ) coins in circulation. The market capitalization has surged from $1.3 billion to $3.5 billion, which is admirable.
Chiliz’ surge is arguably as a result of the most recent rally following news of Paris Saint Germain (PSG) progressing to the quarter-final stage of the Champions League games. The coin rose by almost 110 percent as a result of PSG’s Champions League qualification. The football team also took to twitter to share the noticeable rise in demand for sport tokens and digital collectibles in general. The power of social media is widely known. For example, the prices of Bitcoin fell after Elon Musk tweeted that prices ‘seemed too high’.
Chiliz is already planning on expanding the coin to other sports and is working on a partnership with Formula One already. The fast-racing cryptocurrency can be traded on platforms such as HBTC, Huobi Global, Globally-recognized trading platform; Binance, Xtheta Global and OKEx.
With how successful Chiliz has been since its launch, cryptocurrency experts expect many clubs to launch their own tokens. Chiliz is also expected to get on the list of the top ten most valuable cryptocurrencies before the coin gets to a month.