With the World Cup approaching, sports utility cryptocurrency Chiliz (CHZ) was among the most bullish assets despite the widespread market correction. However, as the global tournament progresses, CHZ is showing a downward trend.
Chiliz (CHZ) price has dropped over 30% since the World Cup started! Here’s why!
At press time, Chiliz was trading at $0.17. The value represents a decrease of about 32% from the $0.26 value on Nov. 20.
Chiliz one month price chart. Source: Finbold
In addition, CHZ was shaken by the increasing selling pressure and recorded approximately $500 million in outflows between November 20 and December 2. As of December 2, the asset’s market value stood at $1.52 billion.
Chiliz one month market cap. Source: CoinMarketCap
Why is Chiliz fixing it?
After the pre-World Cup peaks, CHZ has been on a downtrend as fan interest seems to have waned. At the same time, the coin’s performance is stumbling and improving relative to the overall market.
The current Chiliz price trajectory can be attributed to the possibility that investors will take profits after seeing growth as a “buy the rumors, sell the news” event.
Indeed, the Chiliz rally saw the asset record increase interest in social media platforms and help increase value. The Chiliz team is also focusing on improving the network to give more viability to the asset to boost its popularity lately. Accordingly, the network is tuned to reveal the Chiliz 2.0 upgrade.
The upgrade aims to build a Web3 ecosystem focused on the sports and entertainment industry. Additionally, it will create an ecosystem where shareholders can access global brands and leverage an already existing partner network of sports assets.
It is noteworthy that the upgrade was launched to increase interest in Chiliz, but interest seems to have waned.
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