Here’s Why the Chiliz Token (CHZ) Prices Soar By 13%

Chiliz (CHZ) token has appeared to be one of the top gainers amid the crypto market’s gradual recovery and turbulence when it gained over 13%.

Here's Why the Chiliz Token (CHZ) Prices Soar By 13%

CHZ introduces a new DEX for users

The native token of the Chiliz blockchain, which assists sports teams in launching fan tokens, has decoupled from current market sentiment. CHZ’s latest gain has offset its previous week’s deficit. While the largest crypto, Bitcoin (BTC), is still under pressure. BTC prices have dropped by approximately 5% in the last seven days.

CHZ chain 2.0, according to Alexandre Dreyfus, CEO of Chiliz, is launching the first decentralized crypto exchange for their fan tokens. He stated that this step will boost the token’s liquidity. However, the new DEX will give third-party developers more flexibility in developing new functionalities.

CHZ 24 trading volume has increased by 247%

Chilliz token was trading at an average price of $0.134, at the time of writing. However, it is still selling at a discount of 85% to its all-time high (ATH) of $0.89. Bitpanda, a trading platform, has listed multiple soccer club fans’ tokens. The CHZ token’s 24-hour trading volume has increased by a massive 247% to $209 million.

Fans that purchase fan tokens gain the power to communicate with the clubs. In the meantime, it has had little effect on the market. The holders have argued that the benefits are insufficient.

The Chiliz token has lost more than 38% in the last 30 days due to the recent market crisis. Despite this, it has managed to maintain its position as the 65th largest cryptocurrency. CHZ tokens are worth over $806 million on the market.