Chiliz (CHZ), a leading fintech service provider, has delivered nearly 150 percent profit to its owners over the past 30 days. Whaling activity in Chiliz has reached its highest level since late March as major wallet investors poured SHIB capital into CHZ. Meanwhile, one analyst is seeing a 400% rise for CHZ.
Whales multiply in altcoin CHZ: Here’s why
While major wallet transactions on Shiba Inu declined, Chiliz witnessed an increase in transactions worth $100,000 and higher. Chiliz Chain 2.0, a layer-2, announced the release of its public testnet. This fueled a rally in the CHZ price. The Chiliz network upgrade is divided into several phases. The fifth presentation fueled the sense of ascension among the whales. As we reported as Kriptokoin.com, Chiliz is the 46th largest cryptocurrency in terms of market capitalization. It is also currently a trending altcoin among whales. Major wallet investors have ramped up their activity in altcoin CHZ, with transactions worth $100,000 and more peaking since March.
Chiliz has announced the release of Chiliz Chain 2.0, a layer-2 scaling solution, a semi-decentralized Blockchain for sports and media organizations. The launch of the scaling solution’s public testnet “The Scoville” triggered a bullish sentiment among its owners. Over the past 30 days, CHZ has earned nearly 150 percent for Chiliz holders. The Shiba Inu was marked as a favorite of whales on the Ethereum network. However, recently, the whales gave up their Shiba Inu holdings and drew capital from the meme coin. Shiba Inu has fallen to fifth place among altcoins in the holdings of the top 500 Ethereum whales.
SHIB whales crossed over to CHZ
As Whales reallocate that capital to other cryptocurrencies, CHZ emerged as the obvious choice with “The Scoville.” Chiliz’s network upgrade, double-digit weekly return and massive price rally fueled the bullish sentiment in the crypto community. Crypto data tracker Santiment marked the increase in whale activity in the chart below.
400 percent rally for CHZ?
Christian, a prominent crypto analyst and trader, evaluated the Chiliz price chart. He predicted a massive fifth wave over a broad time frame. Christian applied the Elliott Wave Theory to the Chiliz price chart and noted the completion of the first four waves. The lower waves of the fifth wave are difficult to predict; however, the first two lower waves are likely to be complete. According to Christian, there is a 400 percent rally on the charts for CHZ by 2023. The lower waves of the fifth wave are targeting the $1.2 level, with a massive gain from $0.24.
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