Following two consecutive months in the red, CHZ has surged 10% since the start of April. An in-depth analysis of the underlying on-chain data suggests that the accumulation trend among Chiliz Whales could soon trigger a price upswing.
Chiliz is the native digital currency of the blockchain-based sports and entertainment platform, Socios. The CHZ token primarily enables users to participate in the governance of their favorite sports brands. The token price has been retraced 23% from its 2023 high. However, on-chain metrics suggest strategic crypto whales appear to be accumulating CHZ ahead of the busy summer in global sports.
Crypto Whales are Stacking CHZ Tokens
On-chain data provided by Santiment shows that a historically well-timed cohort of whales has begun to stack their CHZ bags in the past two weeks. The chart below shows that the whale holding balances of 10 million to 100 million CHZ added 120 million tokens between March 30 and April 11.
After a sharp sell-off in March, the newly-added tokens are worth $16 million at current market value. When crypto whales invest such a significant amount of funds within a short period, it typically implies that they are positioned for a future price upswing.
Notably, the historical buy/sell pattern of the cohort of whales mentioned above has been closely correlated to Chiliz price action. If this pattern repeats, CHZ holders can expect a price upside in the coming weeks.
Correspondingly, the Network Value to Transaction (NVT) ratio also confirms the likelihood of a CHZ bull rally. Recent Santiment data depicts that the NVT ratio has declined 85% from 881.06 recorded on March 26 to a lowl
Go to Source to See Full Article
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
