With Chiliz’s CHZ token value rising to a two-month high of more than 15 cents, the cryptocurrency market is experiencing an upsurge of activity. This increase represents a major advancement in the connection between blockchain technology and sports involvement, and it has been attributed to excitement around the UEFA Euro.
Socios.com, the largest sports fan token creator platform, leverages CHZ tokens for fan engagement activities. With the UEFA Euro approaching, the platform has witnessed increased activity, driving the value of CHZ upwards. This surge is particularly noteworthy, given the overall sluggishness in major digital asset markets.
Interestingly, parallels are drawn with the 2022 FIFA World Cup, where CHZ token values experienced a similar rally, doubling in value to nearly 30 cents. However, this was followed by a significant downturn of nearly 40% post-event.
Analysts at 10X Research anticipate a repetition of this scenario, albeit on a smaller scale, with the UEFA Euro. The event, scheduled from June 14 to July 14, is expected to drive further gains for CHZ, followed by a potential sell-off afterward.
The founder of 10X, Markus Thielen, draws attention to the historical pattern and points out that Socios.com usually advertises its coin during important athletic events. The strategic convergence between cryptocurrencies and sporting events highlights how the digital era is changing the way fans participate and where they can invest.
As of the press time, Chiliz price stands at $0.145541, with a trading volume of $313,918,695 in a day, experiencing a minor dip of 3.38% in the last 24 hours. The overall trajectory remains bullish, reflecting market optimism towards the upcoming UEFA Euro and its implications for CHZ token holders.
The value of the CHZ token has recently increased, which highlights how important blockchain technology is becoming to transforming sports fan interaction. All eyes are on Socios.com and the CHZ token ecosystem as the UEFA Euro approaches, as they are well-positioned to profit from the convergence of sports fervor and digital assets.
