According to the Chinese journalist Colin Wu, Chiliz (CHZ) the largest external wallet whale first transfers 20 million CHZ altcoins to another wallet, then Binance and OKX cryptocurrency sent to the stock exchanges.
Price Drops After Whale Sends CHZ Altcoin to Binance and OKX
At the moments when the whale made this move, the price of the altcoin depreciated by around 12%.
The whale wallet in question still holds the title of being the largest CHZ whale and contains 679 million CHZ, or 7.64% of the total CHZ supply.
$CHZ‘s largest EOA holder quietly moved 20M $CHZ to different EOA addresses and then deposit to #binance and #okx for the past 3 days.
CHZ token price dropped 12% during this time. pic.twitter.com/PwHaG4idy0
— 0xScope (🪬 . 🪬) (@ScopeProtocol) December 9, 2022
The CHZ price had spiked in recent weeks due to the 2022 Qatar World Cup.
Chiliz is one of the leading digital currencies in sports and entertainment by the Malta-based FinTech provider of the same name.
It operates the blockchain-based sports entertainment platform Socios and allows users to participate in the management of their favorite sports brands. Socios.com’s fan tokens are an example. For sports clubs and associations, fan tokens provide a way to connect with their fans and unlock new revenue streams.
The total supply of CHZ is 8.8 billion, minted at its launch in October 2018 and distributed to early participants with no public sale other than that offered through exchanges.
Initially, CHZ was launched as an ERC-20 token, but was later also designed to be BEP-2 compliant, with Binance Launchpool having a role in issuing fan tokens as part of a strategic partnership. CHZ is also available as a TRC-20 token on the Tron blockchain.
*Not investment advice.
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