Chiliz (CHZ) extended gains on Thursday, trading around $0.074, as crypto exchanges Binance and Bitget recently announced support for its new community token PEPPER, sparking optimism. Moreover, on-chain data further supports the bullish thesis as CHZ showed a negative spike in transaction flow balance and a record high daily trading volume, suggesting a possible rebound in the coming days.
Binance and Bitget Support Chiliz’s PEPPER Airdrop
Cryptocurrency exchanges Binance and Bitget announced on Wednesday that they will support an airdrop of PEPPER for Chiliz holders. PEPPER is a new community token built on the Chiliz chain. Its purpose and use remain a bit mysterious - it was created so that the community can take control and drive it. Each CHZ holder will receive 150 PEPPER tokens per CHZ, which has generated a lot of interest and excitement in the community.
Chiliz on-chain data shows strength
Chiliz’s on-chain metrics further support its bullish outlook. Santiment’s Trade Flow Balance metric shows the net flow of CHZ tokens in and out of exchange wallets.
A rise in the indicator indicates that more CHZ is entering exchanges than leaving them, suggesting selling pressure from investors. Conversely, a fall in the indicator indicates that more CHZ is leaving exchanges than entering them, suggesting less selling pressure from investors.
In the case of CHZ, this metric fell from 2.63 million to -962.66 million from Monday to Wednesday. The decline in the trading flow balance indicates increased investor confidence as holders remove Chiliz tokens from exchanges and store them in cold wallets.
Another aspect supporting the platform’s bullish outlook is the recent surge in trader interest and liquidity in the CHZ chain. According to crypto aggregator DefiLlama, Chiliz’s daily trading volume rose from $61.71 million on Tuesday to $477.01 million on Thursday, setting a new all-time high in trading volume (new high).
in conclusion
Chiliz (CHZ) is showing a strong bullish trajectory, supported by key technical indicators, rising investor interest, and increased market activity.
As it continues to gain momentum, the future prospects for CHZ appear promising. Investors should watch for further developments and consider the potential for additional gains while watching out for any corrective moves.
