- Chiliz boasted over two million purses, raising the bar for Chiliz 2.0
- CHZ volume fell to monthly lows as the market waits for the next big move.
We recently looked at Chiliz’s growth as the mainnet address hit new milestones. The network’s founder, Alexandre Dreyfus, recently followed with statements underlining the performance of the Chiliz chain 1.0 and what to expect from Chiliz 2.0.
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The CEO of Chiliz was proud of the 2.1 million wallets created so far during the first iteration of the network. Dreyfus stated that the number of wallets is a strong performance for the network and is in the same range as other top tier 1 and 2 networks. The CEO of Chiliz also has high hopes for Chiliz 2.0, which he believes will bring more opportunities.
Us @chiliz chain 1.0 has over 2.1 million wallets, which is half of a major hot L2 or 10% of top 1 L1. I have every confidence that the @chiliz chain 2.0 brings many new opportunities regarding DeFi x Sports x Web3. Block by block. pic.twitter.com/xy0da3x70B
— Alexandre Dreyfus ???????? (@alex_dreyfus) July 29, 2023
We’ve seen Chiliz expand its reach in recent months and gain more acceptance as well. These observations underscore the network’s growth potential and would explain why Dreyfus has confidence in Chiliz 2.0.
CHZ is struggling to improve on its current range performance
CHZ is struggling with low volumes after the mid-June rebound. It has largely been trading in a sideways pattern for the past four weeks and all bullish attempts have subsided below the $0.085 price level. CHZ was trading at $0.079 at the time of writing, which was still in the lower range. However, it recently crossed the 50-day moving average.
Source: TradingView
CHZ’s price action so far represents the slowdown in the crypto market. The RSI hovered around the 50% level, while the MFI indicates that some accumulation and distribution was still taking place. CHZ performance may not provide much insight into future performance. On-chain data can provide more clarity.
Chiliz’s network growth has been on a downward trajectory for the past 5 days. This reflects the slowdown in market activity, although it is now showing signs of a potential upheaval. Interestingly, the network’s weighted sentiment metric has been rising since the second week of July. In other words, CHZ bullish expectations were dominant.
Source: Santiement
How much are 1,10,100 CHZ worth today
While the sentiment is bullish, CHZ’s on-chain volume has fallen dramatically over the past 7 days. It dropped to a 4-week low in the past 24 hours. This outcome reflects the lack of enough momentum to cause a change of direction.
Source: Sentiment
CHZ’s recovery is based on the overall outcome of the crypto market. It will be interesting to see if things change as August approaches.