As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the ebb and flow of countless trends and cycles. The recent surge in CHZ, the native cryptocurrency of sports blockchain platform Chiliz, has caught my attention, particularly due to the upcoming PEPPER airdrop on Binance.
The digital currency CHZ, which operates on the sports-focused blockchain platform Chiliz, is experiencing a significant increase in value after Binance, a well-known cryptocurrency exchange, announced plans to distribute the PEPPER token via an airdrop. This announcement brings exciting incentives for CHZ holders. Consequently, the price of CHZ has risen by approximately 13%, reaching $0.07227, and its market capitalization has soared beyond $650 million.
Chiliz Price Eyes Strong Gains Amid Binance Airdrop Development
On Thursday, October 10th, the first distribution of the PEPPER airdrop will occur, with three additional distributions following later in the month. To be eligible for the PEPPER tokens and participate in the event, users need to ensure they have at least 100 CHZ in their wallets, which includes the funding, spot, and margin wallets.
Due to this recent development, the price of Chiliz has skyrocketed due to investors scrambling to acquire additional PEPPER tokens following today’s airdrop snapshot. According to the agreement, CHZ token owners will receive 1,000 PEPPER coins for every 150 CHZ they possess. The airdrop snapshots are scheduled from October 10 to October 31, 2024. Here is a list of some top-notch crypto airdrops expected in the year 2024.
Accounts with eligible Chiliz balances in certain specified account types can participate, but tokens borrowed are not allowed. The distribution of the Pepper token will occur all at once after the snapshots have been taken. Although there is an airdrop planned, trading services like Spot and Futures will continue uninterrupted. The listing of Pepper on Binance will undergo its standard review procedure, so participation does not guarantee approval for listing.
In the near future, Pepper is set to lead as the initial meme token on the Chiliz Blockchain. At this point, the coin’s objective and functionality remain undefined, but it was community-created with the spirit of “seizing control and galloping forward.
CHZ Breaks Past Key Resistance
According to data from Coinglass on derivatives, the open interest for CHZ has significantly increased by about 58.45%, reaching a total of $69.39 million. Additionally, over the past 24 hours, liquidation amounts have exceeded $1.22 million, with around $621,000 of that being due to short liquidations.
In August of this year, the Chiliz (CHZ) token recovered and climbed from $0.043 up to over $0.07. Notably, the CHZ price has also managed to change the $0.0715 resistance level into a support level, creating a double-top chart pattern.
Furthermore, CHZ has risen above both the 50-day and 100-day Exponential Moving Averages, indicating that positive buying pressure is growing. This means Chiliz could see more growth, with the significant resistance level to keep an eye on at $0.084, which corresponds to its lowest point from April 13.
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2024-10-10 11:32