Layer-1 token Chiliz (CRYPTO: CHZ) rallied sharply on Tuesday, becoming one of the cryptocurrency market’s biggest gainers.
CHZ Leaves BTC And ETH Behind
CHZ rose more than 10% to become the third most successful token in the last 24 hours.
The cryptocurrency overshadowed market heavyweights such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which gained only 1.21% and 0.58%, respectively.
The spot price rally ignited the derivatives market as open interest in CHZ futures lifted over 8% in the last 24 hours, according to Coinglass.
Moreover, the share of Binance traders placing bullish bets on the coin rose from 52% to 54%, according to the Long/Short Ratio.
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The Bullish Catalyst
The token has been on the ascendancy since the parent chain launched the Decentral Protocol earlier this month. Through this, football clubs could borrow stablecoins using future media rights as collateral.
Launched in 2018, Chiliz allows sports and entertainment brands to create NFTs, Fan Tokens, and DeFi products, and engage with fans in the Web3 environment. The platform also issues Fan Tokens through its fan rewards and engagement app Socios.com
Price Action: At the time of writing, CHZ was exchanging hands at $0.04067, up 10.27% in the last 24 hours, according to data from Benzinga Pro.
That said, year-to-date, the token has proved to be disappointing, losing over 50% of its value.
Photo Courtesy: Alexandru Nika on Shutterstock.com
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