3 Reasons Chiliz Is Up 35% This Week – And Where Does CHZ Price Go Next?

A mix of fundamental, on-chain and technical catalysts drove the price of CHZ to its best levels since April 2022. What next? Altcoin Watch

The price of Chiliz (CHZ) jumped around 35% since the start of the week (WTD) to reach $0.26 per token on August 24th. In doing so, the token outperformed Bitcoin (BTC) and Ether (ETH). ), which oscillated between gains and losses over the same period.

CHZ/USD against BTC/USD and ETH / Daily price chart USD. Source: TradingView

Here are the main catalysts that could be driving Chiliz's breakout rally.

ZCH 2.0

On August 22, Chiliz founder Alexandre Dreyfus announced his intention to stop using the Ethereum blockchain to launch his fungible and non-fungible tokens and replace it with his own native chain, CHZ 2.0.

"We don't have to forever rely solely on the ERC20 or ERC721 equivalent," Dreyfus said, adding:

"At @chiliz, we believe we can bring some innovation on top of fungible token formats. As we work with over 100 of the biggest brands in the world, it's easier to deploy and scale. "

The announcement coincided with CHZ experiencing a 19% intraday price rise on August 22, accompanied by an increase in trading volume. From a technical point of view, this decision showed the conviction of traders in the announcement of CHZ 2.0.

Daily price chart CHZ/USD. Source: TradingView

Chiliz Whales Return

CHZ's price spike this week again coincided with increased whaling activity.

Notably, the number of CHZ transactions with a value exceeding $100,000 hit 105 on August 23, its highest level since March 29.