Chiliz Serves Up 16% Weekly Gains, Becomes Most Traded Token Among ETH Whales

Christian Encila

2 years ago

4 mins read

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Chiliz (CHZ) started off 2023 by putting together a 20% increase in its value during the first five days of the year.

This strengthened the hopes of the holders of the crypto that it might have a strong bullish rally this year as opposed to the consistent downtrend it had experienced over the last two months.

At the moment, this could prove true as data from Coingecko indicates that the asset rose by 16% during the past seven days. At the time of writing, CHZ was trading at $0.1181.

Analysts, however, are giving words of caution that this rally might be short-lived as some developments that involve the altcoin are not necessarily indications of a major surge that would provide an opportunity for profit taking among holders.

Image: Watcher Guru

Chiliz Whets Appetite Of ETH Whales

According to the information shared by crypto whales tracker WhaleStats via Twitter, Chiliz was able to surpass Numeraire (NMR) as it became the most traded digital token among the top 500 ETH whales.

To the untrained eyes, this might appear to be a precedent of an upcoming bullish rally that might push the crypto’s trading price to higher levels.

📰 JUST IN: $CHZ @chiliz flipped $NMR for MOST TRADED token among top 500 #ETH whales

Peep the top 100 whales here: https://t.co/tgYTpOm5ws

(and hodl $BBW to see data for the top 500!)#CHZ #NMR #whalestats #babywhale #BBW pic.twitter.com/FtjZDbV3nf

— WhaleStats (tracking crypto whales) (@WhaleStats) January 8, 2023

But seasoned analysts would say that this could also be an indication that the ETH whales are now looking to make profit from their holdings through dumping of their CHZ tokens.

If this action is not averted, the altcoin might be subjected to tremendous selling pressure and this could be disastrous as it often leads to price crash.

Moreover, it is important to note that during the time when Chiliz was making its mini rally to recoup its losses over the last few months, the number of tokens held by its top addresses significantly declined – a potential indicator that large investors are now cashing out.

This trend continued even when the number of active addresses for CHZ increased this January – a development that might have been caused by the anticipated rally that the crypto asset is supposed to make this month.

CHZ total market cap at $815 million on the daily chart | Chart: TradingView.com

What Awaits Chiliz (CHZ)

Meanwhile, forecasts from online cryptocurrency information provider Coincodex do not contain any exciting news for holders of CHZ.

The crypto-focused platform predicts a slight decrease in value for Chiliz within the next five days with the asset changing hands at $0.1150.

There appears to be a bit of relief for holders as the 30-day forecast for the altcoin appears to favor them. According to Coincodex, a month from now, CHZ will trade at $0.1430.

Although the recent activity involving the asset and ETH whales appear to be positively affecting the crypto asset at the moment, holders and prospective buyers need to exercise caution as it could also cause Chiliz to lose its zing.

-Featured image by New Food Magazine

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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