CHZ token rate jumps by 23,7% over the week. We are analyzing the reasons for the growth

The daily increase in the value of the native coin of the Socios fan platform was 15%

31.10.2022 - 12:40

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What’s new? The weekly rise in the value of the Socios fan platform’s native token, Chiliz (CHZ), amounted to 23,77%, according to Binance. The asset is trading at $0,226 as of October 31, 12:20 UTC, having gained 15% per day.

Binance data

Possible reasons for the rise. One of the possible reasons for the asset’s rate significant growth is the upcoming World Cup. It will take place in Qatar from November 20 to December 18.

Also on October 26, the Italian football club Udinese launched its fan token UDI through Socios. The asset gives FC fans access to voting for team-related decisions, exclusive content, and promotions, as well as the right to receive prizes, official, signed merch, and free tokens. A total of 25 000 UDI are available, with a starting price of €2 per token. The fan token giveaway took place in three stages from October 26 to 28.

What is known about Socios? It is an application for sports fans. With Socios, the users can vote on different decisions for their favorite teams, such as choosing the colors for their uniforms or music before the matches. In addition, fan token holders get access to gifts and rewards. In this, the assets on the platform are utility tokens and are not used to buy goods.

In October, the token of Manchester City FC issued through Socios in June 2021 made it into Guinness World Records as the “most valuable fan token.”

In May, fan tokens on the Socios platform rose by more than 40% after the Chiliz protocol launched the mainnet upgrade and asset burn mechanism that depends on team performance.

In March, seven-time Ballon d’Or winner and Paris Saint-Germain club player Lionel Messi became a Socios partner. In the course of three years, the footballer will take part in the advertising campaigns of the platform as an ambassador.

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