As fans get ready for the FIFA World Cup 2022, the popularity of fan tokens has increased, and Chiliz (CHZ), in particular, has produced a double digits rise in both the daily and weekly charts.
In the last 24 hours, the price of Chiliz has increased by as much as 15% since sports and fan tokens are leading a fresh wave of a trend reversal in the cryptocurrency market despite a broader market dip.
Currently, CHZ is changing hands at $0.2251, up 15.7% in the last 24 hours and up 24.56% across the previous seven days, according to data retrieved by Finbold from CoinMarketCap. Meanwhile, the market worth of Chiliz is $1.33 billion, an increase of $230 million since October 24, when it was $1.10 billion.
Given the surge in price over the last day, Chiliz leads the top 100 cryptocurrencies by market cap in gains, followed by Trust Wallet Token (TWT) in second place with a 6.03% gain and Quant (QNT) in third with 4.55%.
Chiliz surges ahead of the World Cup
The beginning of the FIFA World Cup 2022 in Qatar is set to take place on November 20, and already 21 days before the event, sports clubs and fans have been ramping up their activities.
Chiliz is a tokenized voice platform that aims to give sports fans more agency and assist them in managing the esports organizations, teams, and sports they follow most closely. It is anticipated that the performance of tokens such as CHZ will exceed that of altcoins and meme coins as the FIFA World Cup 2022 approaches.
The excitement around the FIFA World Cup 2022 has fueled a boom in fan tokens and other cryptocurrencies connected to sports. These assets have been at the forefront of cryptocurrency rallies and have provided holders with enormous returns, including those of the Argentine Football Association Fan Token (ARG), up 23% in the last 24 hours, and the Portugal National Team Fan Token (POR) 18.46%, both national teams of these tokens will participate at the World Cup.
In light of the fact that the price of Bitcoin (BTC) may be preparing for a test of support at $20,000 and that BTC supremacy is dwindling, this may present a chance for traders to purchase fan tokens at a reduced price in advance of the event that will take place on November 20, 2022.
However, there also lies a possibility of a significant decline in these alternative cryptocurrencies as traders finish profit-taking and the football frenzy dies down.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.