- Chiliz’s network upgrade may increase demand exponentially.
- Although the short-term CHZ prospects were weak, the long-term outlook has improved.
Chiliz [CHZ] At press time, network was undergoing a major upgrade. According to Alexandre Dreyfus’ 26-January update, Chiliz 2.0 would bring positive changes.
The launch @chiliz chain 2.0 – a curated blockchain for the sports & entertainment industry is coming. Staking, DEX, Whitelisting, new NFT standard, Memorabilia certification, Fan Tokens, and much more … with the help of 150 sports teams + 2M user base. Keep watching. $CHZ https://t.co/mqK245SoxA
— Alexandre Dreyfus (@alex_dreyfus) January 26, 2023
Read Chiliz’s [CHZ] Price Prediction 2023-24
These changes included memorabilia certificate, a new NFT Standard, a DEX, and staking. At press time, the network upgrade was at phase six. This is also known as Malagueta. The implementation of the changes mentioned above would be complete soon.
But what do these changes mean, and how will they affect investors and CHZ’s value? The biggest news is the availability of a DEX, and the possibility of staking. Because such developments can encourage long-term hodling. Such an outcome might also prop up CHZ’s demand.
CHZ could benefit from longer-term demand if the major Chiliz network upgrade succeeds. This upgrade could help improve the network’s long-term outlook. This will bring more utility to the network and could also boost investor sentiment.
What can we expect from CHZ in short-to-mid-term?
Despite the expectation regarding Chiliz 2.0, CHZ was seeing a slower demand. Its $0.13 price at press-time represented a 10% reduction from its monthly peak.
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 could avoid it if the upgrade stimulated a resurgence in bullish buyer.
Although the last few days indicate a healthy social volume, it is not enough to suggest that there has been a renewed interest in CHZ. The average number of active addresses per day also remained in the normal range, which indicates that investors are not eager to buy more.
Source: Santiment
Additionally, network growth dropped to a new monthly low over the past two days. This was confirmed by the lower network activity and the lower volatility over the past few days. CHZ’s supply distribution metric confirmed that the demand side was also lacking.
Source: Santiment
What is 1,10,100 CHZ worth today?
Additionally, the whales were not buying as much at press time. The short-term outlook was not favorable for a strong surge. After the Chiliz 2.0 upgrade, it was not clear if this would change. There were positive signs.
The weighted sentiment indicator, which was at its highest level monthly at press time, is an example. This meant that investors were still highly optimistic about CHZ’s prospects.
Source: Santiment