Chiliz distances itself from recent crypto drama but CHZ was

Chiliz recently joined the list of crypto projects that have released statements regarding the state of exposure to recent market woes. An attempt at boosting investor confidence in a month that has so far seen an influx of FUD.

Timeline of Chiliz

There are multiple factors that determine the price of a cryptocurrency, including demand and supply. An increase in the circulating supply without a demand shift may push down the price.

On 8 February, Chiliz [CHZ] announced that its recently launched chain 2.0 had produced its first block. According to the tweet shared by its CEO Alexandre Dreyfus, the event occurred at exactly 8:08 am UTC.

Today, the Chiliz blockchain and its CHZ cryptocurrency, created for the entertainment and sports industry, announced the launch of its new Chiliz Chain 2.0 Mainnet.  Related Reading: Litecoin Sets Eye On $107, But It Needs To Cross This Major Hurdle Alexandre Dreyfus, Chiliz CEO, announced the launch via Twitter.

Blockchain technology company for the sports and entertainment industry Chiliz (CRYPTO: CHZ) is marking its fifth anniversary by rebranding and launching a new layer-1 blockchain. The genesis block of the new EVM-compatible Chiliz blockchain has been validated, and the launch of the new chain is expected to attract more Web3 developers and brands.

Chiliz, a blockchain provider focused on the Web3 sports and entertainment industry, is celebrating its fifth anniversary with a rebranding and then with a piece of big news: the genesis block of the new Layer-1 EVM-compatible Chiliz blockchain, Chiliz chain 2.0, has been validated.

The blockchain-powered sports fan token launched its own layer 1 decentralized network on Tuesday.Chiliz's L1 chain is compatible with the Ethereum Virtual Machine program, allowing developers to broadcast smart contract codes on Ethereum's blockchain.The protocol's token CHZ pumped as high as 20% on the news. Blockchain sports coin Chiliz announced the launch of its brand new layer 1 decentralized chain aimed at driving growth around non-fungible tokens (NFTs) and on-chain gaming tied to reach world sports franchises.

Investors holding Chiliz's native token CHZ have been expecting a strong recovery this month after its crash in the last two months. The latest WhaleStats alert might reinforce this expectation but recent on-chain observations may crush those hopeful expectations.

Chiliz (CHZ) looks bearish as it shaved off as much as 64% in 50 days. This entertainment- and sport-based blockchain platform is built on Socios and allows fans to interact with sporting brands and teams.

Leading crypto insights firm Santiment says four altcoins are showing signs of an imminent bounce after getting “hammered” in the market. According to Santiment, metaverse altcoins Decentraland (MANA) and The Sandbox (SAND) along with Chiliz (CHZ) and Ren (REN), are in “opportunity zones” after the crypto market experienced big losses.

Even though the Chiliz ecosystem is home to various fan tokens and was expected to receive a boost throughout this period, the CHZ price actually decreased by more than 50% during the World Cup. The post The Reason Chiliz (CHZ) Price Failed to Rally During FIFA World Cup appeared first on BeInCrypto.