Chiliz Token (CHZ) Prices Skyrocket By 13%; Here’s Why

Amid the slow recovery and instability in the cryptocurrency market, Chiliz (CHZ) token has emerged as one of the top gainers. The total crypto market value has shrunk by over 1.8% in the last 24 hours. Meanwhile, the CHZ token price has jumped by over 13% in the same period of time.

CHZ launches new DEX for users

The Chiliz blockchain’s native token which helps the sports team launch their fan tokens has decoupled from the current market sentiment. CHZ’s recent jump has erased its loss from the past week. While the biggest crypto Bitcoin (BTC) is still trading under pressure. The BTC prices have slipped by over 5% in the past 7 days.

Alexandre Dreyfus, CEO of Chiliz, informed that CHZ chain 2.0 is launching the first Decentralized crypto exchange for their fan tokens. He mentioned that this move will increase the liquidity of the token. However, the new DEX will also raise the ability to build new features for the 3rd party developers.

CHZ 24 trading vol up by 247%

The Chilliz token is trading at an average price of $0.134, at the press time. However, it is still trading down by 85% from its all time high (ATH) of $0.89. Bitpanda, a trading platform, has listed multiple fans tokens of different soccer clubs. The 24 hours trading volume of the CHZ token is up by a whopping 247% to stand at $209 million.

The fans who invest in the fan tokens get some power to interact with the clubs. Meanwhile, it hasn’t made much impact on the market. The holders have complained that those perks are not worth it.

The Chiliz token is still down by more than 38% in the last 30 days due to the recent market crash. However, it has still managed to hold on to the 65th spot among the biggest cryptocurrencies. CHZ tokens have a total market valuation of over $806 million.