The cryptocurrency world is cheering the surge in CHZ, the native token of the Chiliz blockchain.
So the football fans. This token is powering Socios.com, a leading platform for fan tokens, the digital assets that allow fans to engage more deeply with their favorite sports teams and athletes.
The biggest fans
CHZ itself has jumped over 20% in just a week, ranking as one of the top performers among major cryptocurrencies.
This rise is likely fueled by the upcoming UEFA European Football Championship, a major tournament featuring 24 European teams scheduled for June 14th to July 14th, 2024.
Since most fan tokens are purchased on Socios.com using CHZ, the excitement surrounding the Euro is spilling over to the CHZ token itself.
This trend is very similar of what happened in the lead-up to the 2022 FIFA World Cup, where CHZ’s value doubled before the event, only to experience a huge, 40% correction afterwards.
Some buys branded merchs, some buys tokens
Analysts at 10X Research believe this pattern might repeat, and the founder of the 10X, Markus Thielen thinks the same.
They point out that historically, sports tokens tend to follow a so called buy the rumor, sell the news cycle, with prices rising in anticipation of major sporting events and then falling after the event itself.
„The Chiliz (CHZ) token rallied over 100% from the summer of 2022 until one day before the FIFA World Cup started on November 20, 2022… and this scenario might repeat itself. A slightly smaller version than the World Cup of 2022, the UEFA European Football Championship will be held from June 14, 2024, to July 14, 2024, with teams from 24 countries competing.”
Good for the business
The fact that football is a major economic driver in Europe, with a proven link between the success of football clubs and the economic performance of their regions, suggests that blockchain and fan tokens like CHZ could play a big role in measuring and capitalizing on this economic connection in the future.
