CHZ tokens might eventually land on exchanges
As reported by Lukonchan, massive Chili’s Transfers have been observed in recent hours. A Chilean whale moved around 14 million CHZ, worth $1.6 million, to nine different addresses. Based on past trading behavior, the on-chain analytics provider predicts that the CHZ token may eventually appear on exchanges.
Whales or holders typically transfer their assets to exchanges to sell them, and vice versa. In the last 24 hours, whales bought the CHZ dip as it fell to lows of $0.07.
According to WhaleStats data, Chiliz (CHZ), the native token that powers the Socios blockchain, has been ranked among the top 10 tokens bought by whales with over 5,000 ETH.
Whales frequently buy at a discount during periods of decline; some may decide to “hodl” or resell at a higher price to maximize short-term gains.
Here’s how the price reacted
At the time of publication, Chiliz (CHZ) was down 6.1% at $0.115. The coin is also down 19.7% over the last seven days and 57.7% over the last thirty days.
The drop occurred amid the just-concluded FIFA World Cup. Before the worldwide event, investors anticipated a strong CHZ performance due to a constant upswing in the run-up to the event. Unfortunately, the conditions were different, as Chiliz instead saw selling pressure.
The FTX saga and the ensuing fears of contagion didn’t help matters at all. On December 8th, LuKonchain reported that a massive whale with 680 million CHZ, worth approximately $102.6 million, was selling its ChiliZ tokens. Whale was reportedly the fourth largest holder of the Chiliz token. The whale moved approximately 20 million chilies to one address which was later transferred to nine other addresses.
On Dec. 8, CHZ’s price closed the day down 6%.
