Over the weekend, Chiliz surged to a six-week high as whales amassed more than 1.6 billion CHZ
The sports blockchain currency Chiliz reached a six-week high of $0.143 on May 25th, thanks to a rally.
A total of 1.6 billion CHZ has been steadily amassed by whale wallets in the last eight days.
On Monday, Chiliz maintains gains of 18.45% over the previous week, adding about 1% to its value.
On May 25, Chiliz (CHZ) reached a level not seen in over six weeks, reaching $0.143. There has been a significant increase in the amount of CHZ being held by whale wallets related to the sports blockchain token.
On May 27, Chiliz's value increased by about 1% and it maintained its gains of 18.45% from the previous week on Binance.
The sports blockchain asset has been amassed by two sectors of wallets in the last eight days, according to data from crypto intelligence tracker Santiment. One group has between 10 million and 100 million CHZ tokens, while the other segment holds between 1 billion and infinite Chiliz.
When whales start buying an asset, it usually means they're optimistic on the market.
On May 26, analysts at Santiment noticed that whale wallet buildup coincided with a spike in transaction volume that had not been observed in 22 months. As the number of transactions using CHZ rises, it becomes clear that the sports blockchain token is becoming more popular among investors.
Increases in CHZ trade volume and price increases due to accumulating by whales
On Monday, Chiliz's value increased by1%, continuing increases from the previous week. On Binance, one CHZ coin is now worth $0.1349.
