Chiliz has shown phenomenal growth in the new year. The cryptocurrency started off the year with a price level of $0.021 and reached towards an all-time high of $0.89. Chiliz touched the $1 mark and the price was expected to cross it but the bears overtook the market before that could happen. At the time of writing, the cryptocurrency stands at a price level of $0.35. The price had been on a volatile uptrend. Currently, it appears as though the cryptocurrency is under minor corrections. The price has only moved up by less than 1% while the trading volume has fallen by nearly 10%. However, in the weekly timeframe Chiliz has gained by 10%.
What is Chiliz?
Chiliz was founded in 2018 in Malta. The token powers the Chiliz blockchain and the platform Socios.com which runs on the blockchain. Chiliz is a utility ERC-20 token running on Ethereum’s blockchain as well as a BEP-2 token on Binance Smart Chain. The aim of the networks is to transform the relationship that exists between fans and their sports clubs.
The Socios.com platform uses the token technology to empower fans with decision-making control in their favorite sports team’s working and development. Socios.com aims to create a global community of sports fans and sports teams. The platform wants to creativity connectivity between fans and athletes. Through this innovative network, users are able to influence decision in their sports clubs. Socios.com is the world’s first platform of its kind. Powered by the CHZ token, it aims to transform the sports industry with the help of the blockchain technology. Essentially, Socios.com is a tokenized fan-voting platform. The platform is run by Fan Tokens – which is a new concept in the market.
Chiliz has pioneered the concept of Fan Tokens. Tokens are essentially cryptocurrencies that do not have their own blockchains – unlike coins. Fan Tokens are specific to a team or club. They represent finite digital assets which gives holders voting and membership rights of the club/team. Fan Tokens are fungible and limited with their price being driven by market forces.
CHZ future outlook
Chiliz has the first-mover advantage in multiple spheres. Socios.com is the first fan influence and reward platform. It has also pioneered the concept of Fan Tokens. This places the cryptocurrency at a special position in the market. With such strong fundamentals, Chiliz has a strong footing in the market. It stands at a rank of sixty-one in the market with a capitalization of $2.1 billion.
According to the estimates of Wallet investor, the cryptocurrency will stand at a price level of $0.74 in a year’s time while the five-year projection places CHZ at $2.18. Digital Coin Price CHZ token will end the year at a price level of $0.55 and reach towards $1.26 by 2026.
