Chiliz (CHZ) 28% Price Rise Fuels Market-Wide Fan Token Surge

The token behind the sports and entertainment blockchain platform Chiliz Chain – Chiliz ($CHZ) – saw its valuation increase by 28% on Friday, Dec. 19, as it led the charts among Coinmarketcap’s top 200 coins.

Through its Socios Wallet, Chiliz enables fans of football, Formula 1, Esports, and just about every other sporting activity to invest in the success of their favourite teams through Fan Tokens. 

Already adopted by major sporting institutions like Juventus ($JUV), Paris Saint-Germain ($PSG), Manchester City ($CITY), the UFC ($UFC), and numerous others, Fan Tokens allow fans to apply their knowledge of the game to the crypto charts, while also enabling voting rights for major club and team decisions.

As the Chiliz price surged upwards on Friday, its momentum proved enough to carry a number of Fan Tokens with it, as many gained between 20-35%.

Chiliz ($CHZ) Price Explodes

From a daily low of $0.02821, the Chiliz ($CHZ) valuation climbed to a peak of $0.03614, amounting to price gains of 28.1%.

The price rise was fuelled by an influx of over $100 million in trade volume, as the daily exchange for $CHZ increased from $37.5 million to $157 million – a 320% increase over 24 hours.

Chiliz was the highest gainer over 24 hours among the MarketCap Top 200. The token is now up 32% for the week, and continues to battle upwards despite a slight fallback by time of writing.

Fan Tokens Follow Chiliz Surge

Soon after the Chiliz price rise began, numerous prominent Fan Tokens appeared to be pulled up their parent token – $CHZ is the base currency through which Fan Tokens are purchased.

The valuation of the Palmeiras Fan Token ($VERDAO) jumped 33% within hours of the Chiliz surge. 

The Fluminense FC Fan Token ($FLU), S.C Internacional Fan Token ($SACI), and Club Atletico Independiente Fan Tokens ($CAI) all gained between 28-32%. 

The token behind the Team Alliance Esports organisation – the Team Alliance Fan Token ($ALL) – also followed suit with a 28% growth spike on the day. The MIBR (Made in Brazil) Fan Token ($MIBR) also notched up a 24% increase.

The Fan Tokens for football clubs like Udinese ($UDI), Real Sociedad ($RSO), Vasco da Gama ($VASCO), Young Boys ($YBO), and AS Roma ($ASR) all recorded between 15-25% growth during the surge.