Chiliz (CHZ), the well-known virtual currency for sports and entertainment offered by the fintech firm of the same name located in Malta, has seen an extraordinary rise in value over the past day, rising by more than 20.81%. Cryptocurrency aficionados and market professionals are taking notice of the amazing upswing, which has witnessed a significant gain of 36.72% in the last week.
Leading cryptocurrency monitoring tool Coinglass reports that the trade volume for CHZ has surged by an astounding 490.31% to a whopping $371.42 million. At the same time, open interest in the cryptocurrency has increased by 86.13%, reaching a staggering $49.53 million at this point.
Analysing the open interest numbers, it is interesting to notice that $21.66 million goes to Binance, $8.64 million to Bybit, and $6.33 million to OKX. The remaining sum is split among other well-known cryptocurrency trading platforms. This distribution highlights the widespread acceptance of the digital currency and shows a broad interest in Chiliz across several exchanges.
Rising popularity and interest
Chiliz runs the Socios platform and is renowned for being a trailblazer at the nexus of blockchain technology with the sports and entertainment sectors. Users of the blockchain-powered sports entertainment platform Socios may take an active role in the management of their preferred sports companies. A major factor in Chiliz’s success and appeal in the digital currency market is this novel offer.
The recent increase in CHZ’s pricing is attributed by industry professionals to a number of important causes. For example, the increase in open interest and trading volume indicates that traders and institutional investors are paying more attention. The notable surge in open interest, particularly on significant platforms such as Binance, highlights increased trust in Chiliz as a feasible investment choice.
Market observers are keeping a close eye on Chiliz’s price fluctuations, with many believing that the cryptocurrency’s path might be representative of a larger trend in the fusion of blockchain technology with the sports and entertainment sectors. Chiliz’s price swings in the future are expected to be strongly linked to advancements inside the Socios platform, as the company continues to create waves with its creative approach.
