Chiliz Chain 2.0 on the way: Gauging its effects on CHZ

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  • Chiliz’s net­work upgrade may increase demand exponentially.
  • Short-term CHZ prospects remained weak, but the long-term out­look just got a lot better.

The Chiliz [CHZ] net­work was in the midst of a major net­work upgrade at press time. Accord­ing to an update by founder Alexan­dre Drey­fus on 26 Jan­u­ary, Chiliz 2.0 would intro­duce var­i­ous pos­i­tive changes.


Read Chiliz’s [CHZ] Price Pre­dic­tion 2023–24


These changes includ­ed mem­o­ra­bil­ia cer­ti­fi­ca­tion, a new NFT stan­dard, a new DEX and stak­ing, among oth­ers. The net­work upgrade was in phase six at press time, which is the last stage dubbed Malague­ta. Thus, the imple­men­ta­tion of the afore­men­tioned changes would soon be completed.

But what do these changes mean, and how will they affect investors and CHZ’s val­ue? Well, the avail­abil­i­ty of a DEX and stak­ing might be the biggest news of all. This is because such devel­op­ments have the poten­tial to encour­age long-term hodling. Such an out­come might also prop up CHZ’s demand.

If this major Chiliz net­work upgrade is suc­cess­ful, then CHZ might ben­e­fit from more long-term demand. This move may strength­en its long-term out­look. The net­work itself will ben­e­fit from more util­i­ty, a move that might also sup­port favor­able investor sentiment.

What to expect from CHZ in the short-to-mid term

CHZ was expe­ri­enc­ing a slow­down in demand at press time, despite the cur­rent expec­ta­tions regard­ing the Chiliz 2.0 upgrade. Its $0.13 press time price rep­re­sent­ed a 10% dis­count from its month­ly high.

CHZ price action

Source: Trad­ingView

CHZ’s mon­ey flow indi­cat­ed that there is a threat of more out­flows, cour­tesy of prof­it-tak­ing, espe­cial­ly if the over­all mar­ket con­di­tions favor the down­side. CHZ might avoid this if the upgrade trig­gered a resur­gence of bull­ish demand.

The last few days under­score healthy social vol­ume, but not enough to sug­gest a strong renewed inter­est in CHZ. The num­ber of dai­ly active address­es also remained with­in the nor­mal range, con­firm­ing that investors were not yet rush­ing to buy more.

Chiliz active addresses and social volume

Source: San­ti­ment

In addi­tion, net­work growth tanked to a new month­ly low in the last two days. This con­firmed low­er net­work activ­i­ty, as was evi­dent with the low­er volatil­i­ty in the last few days. CHZ’s sup­ply dis­tri­b­u­tion met­ric con­firmed that the demand side was also lacking.

Chiliz CHZ Supply distribution

Source: San­ti­ment


How much are 1,10,100 CHZs worth today?


More­over, at press time, there was low buy­ing pres­sure from the whales. This meant the short-term out­look may not real­ly sup­port a strong surge. It was still not clear whether that would change once the Chiliz 2.0 upgrade was com­plet­ed. How­ev­er, there were some favor­able signs.

One exam­ple was the weight­ed sen­ti­ment met­ric, which was at its high­est month­ly lev­el at press time. This meant that investors were still high­ly opti­mistic about CHZ’s prospects.

Chiliz CHZ Weighted sentiment

Source: San­ti­ment



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