Sports and entertainment blockchain providers Chiliz (CHZ) token significantly outperformed the market, gaining more than 23% in the past 24 hours. Chiliz recent price surge gained momentum after the Chiliz team hinted on Twitter about an upcoming testnet update.
The price of Chiliz (CHZ) jumped from $0.1738 to $0.2128 on Tuesday, bringing its market value to $1.24 billion according to CoinMarketCap. The native token of the sports fan engagement platform Socios.com has been rising since the end of July, with the price of CHZ almost doubling since then.
Pequin Update is last one before Phase 6 Malagueta
One of the key reasons for a CHZ price rally could be attributed to the Chiliz team hinting at the upcoming Scoville network upgrade. The official Twitter account of Chiliz posted a note mentioning Pequin, the Phase 5 update of its Scoville testnet.
𝙿𝚑𝚊𝚜𝚎 𝟻 | 𝙿𝚎𝚚𝚞𝚒𝚗
Pequin pepper is a hot chili pepper cultivar commonly used as a spice. Pequin peppers are very hot, often 5-8 times hotter than Jalapeños on the Scoville scale (30,000 to 60,000 Units).
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) August 15, 2022
The Pequin update is expected to bring the cross-chain bridge functionalities for the CHZ token. It is also one of the last updates of the Scoville public testnet. After the last one gets implemented, the phase 6 Malagueta update , the Chiliz Chain 2.0 mainnet should be launched.
Chiliz Chain 2.0 Launch Timeframe
The exact day of the Pequin update launch, however, has not been officially confirmed yet.
Chiliz Partners with FC Barcelona for stake in Barca Studios
In addition to the Pequin update, other fundamental reasons have kept driving the demand for CHZ up for several weeks now.
Earlier in August, Socios.com announced the $100 million investment in FC Barcelona becoming a strategic technology partner and acquiring a 24.5% stake in the club’s digital content creation and distribution hub Barca Studios, which leads the club’s NFT and metaverse project creations.
The new alliance is expected to increase the clubs’ interaction with fans through its own fan tokens on Socios.com.
European Football Season Starts
In addition to FC Barcelona, other football club giants like Manchester City, Paris Saint-Germain, and SL Benfica have also launched their Fan Tokens with Chiliz. The platform currently has over 65 fan tokens created on it, with a combined market value of over $350 million.
More and more, football clubs and other sports teams are looking for ways to engage their fans. With the European football season having just started, the outlook for growing interest in Chiliz (CHZ) remains positive.
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