Chiliz's CHZ token experienced a significant increase ahead of the UEFA European Football Championship (Euro 2024), reminiscent of its rise ahead of the 2022 FIFA World Cup.
Chiliz's CHZ Token Soars Ahead of UEFA Euro 2024
Over the past seven days, CHZ has surged more than 20%, making it the third-largest gain among the top 100 cryptocurrencies by market cap.
CHZ, the native token of the Chiliz blockchain, powers Socios.com, the largest sports fan token platform.
The recent 25% price increase pushed CHZ to a two-month high of over $0.15. Earlier today, prices reached a three-week high of $0.16, according to data from Coingecko.
The anticipation of the upcoming Euro 2024, which will take place between 14 June and 14 July, has significantly increased CHZ's valuation.
As fans prepare to interact with their favorite teams, demand for fan tokens on Socios.com, supplied using CHZ, has increased. This increase reflects increased interaction between sports fans and their teams.
In comparison, a more significant increase was observed before the 2022 FIFA World Cup. CHZ doubled in value in the summer of 2022, reaching around $0.30, reaching a peak just before the start of the event on November 20, 2022.
However, the token's price had fallen by nearly 40% in December of that year. Investors need to be careful in case the same scenario occurs again.
*This is not investment advice.