Amid the slow recovery and instability in the cryptocurrency market, Chiliz (CHZ) token has emerged as one of the biggest gainers. The total crypto market value has shrunk by more than 1.8% in the last 24 hours. Meanwhile, the CHZ token price is up more than 13% over the same period.

CHZ launches new DEX for users

The Chiliz blockchain’s native token, which helps the sports team launch their fan tokens, is disconnected from current market sentiment. CHZ’s recent jump has erased last week’s loss. While the largest crypto Bitcoin (BTC) is still under pressure to trade. BTC prices have fallen more than 5% in the past 7 days.

Alexandre Dreyfus, CEO of Chiliz, announced that CHZ chain 2.0 is launching the first decentralized crypto exchange for their fantokens. He said this move will increase the liquidity of the token. However, the new DEX will also increase the ability to build new features for third-party developers.

CHZ 24 trading volume up 247%

The Chilliz token is trading at an average price of $0.134 at press time. However, it is still trading 85% lower than its all-time high (ATH) of $0.89. Bitpanda, a trading platform, has listed multiple fan tokens from various football clubs. The 24-hour trading volume of the CHZ token is up a whopping 247% to $209 million.

The fans who invest in the fan tokens will get some power to communicate with the clubs. Meanwhile, it has not had much impact on the market. The holders have complained that those benefits are not worth it.

The Chiliz token is still down more than 38% in the past 30 days due to the recent market crash. However, it still managed to hold the 65th place among the largest cryptocurrencies. CHZ tokens have a total market value of over $806 million.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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