- Chiliz’s native cryptocurrency, CHZ, is seeing a surge in value as EURO 2024 approaches.
- CHZ tokens, utilized by Socios.com for fan tokens, had doubled in value prior to the 2022 World Cup.
- According to Markus Thielen, the founder of 10x Research, similar price movements may occur this year.
Discover how Chiliz (CHZ) is gaining momentum ahead of EURO 2024 and what this means for investors.
Chiliz (CHZ) Price Surge Ahead of EURO 2024
With EURO 2024 scheduled from June 14 to July 14, CHZ has started to see a notable uptick in its value. Investors are closely watching this trend, recalling the CHZ price movements ahead of the 2022 World Cup. During that period, CHZ saw an impressive gain of over 100% before experiencing a significant drop. The potential for a similar scenario during EURO 2024 is capturing attention.
Historical Price Trends and Predictions
A closer look at historical trends reveals that CHZ’s price trajectory is influenced significantly by major sporting events. 10x Research’s analysis indicates a pattern where CHZ appreciated substantially leading up to these events but faced corrections shortly after. As a case in point, the price increase before the 2022 World Cup and the subsequent 60% drop have set a precedent for current market expectations.
EURO 2024: What to Expect
Given the upcoming UEFA European Football Championship, there is speculation about the price behavior of CHZ. This tournament, which involves 24 countries, may fuel similar dynamics as seen previously. Markus Thielen anticipates that the hype and enthusiasm surrounding EURO 2024 could push CHZ prices upward again. However, he also cautions investors about the potential for significant volatility post-tournament.
Conclusion
As EURO 2024 draws near, the market is closely observing CHZ’s performance. Historical data suggests that while significant gains are possible, they could be followed by corrections. Investors need to weigh the potential rewards against the risks carefully, keeping historical patterns in mind. The excitement surrounding fan tokens and the major sporting event could drive prices, but caution remains essential.
