Chiliz Surges More Than 100% After Reaching Agreement With Arsenal
Chiliz’s price hike of 100% this week has pushed it through the roof. Whales were aggressively backing the rally, according to Santiment, as huge transactions reached the greatest network amount since March 29.
Whales were the main source of selling pressure that prompted a 25% reverse after the rally that gave investors hope, according to a review of transactional activity on networks such as Shiba Inu and Dogecoin.
In the case of Chiliz, the prospective pressure from huge investors is insufficient to slow the surge, as the token has gained approximately 50% of its value in the last seven days, indicating the presence of buying activity on the market.
The main source of growth was a collaboration with a prominent soccer team situated in the United Kingdom. Aside from Arsenal FC, the Socios platform and Chiliz unveiled a slew of campaigns aiming at bringing more basic value to the project by collaborating with significant names in sports.
Despite the large candle shadow that developed after the asset was quickly retraced from the local high of $0.263, the token has no technical issues on the market. At the time of writing, CHZ is trading at $0.24.
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