A huge cryptocurrency whale transferred a large amount of fan tokens to Binance wallet as the World Cup was underway. On-chain data shows that the whale is starting to sell.
Giant cryptocurrency whale sells off this bustling fan token
Chilliz (CHZ) started to rise ahead of the ongoing World Cup. As the event continues, massive whale sales are surfacing. On-chain data shows major investors selling amid catalysts like the Chilliz 2.0 development and the World Cup. The CHZ price has therefore been on the decline in recent days. It has recorded its fourth consecutive series of red candles on the daily chart.
The notable transactions during the drop came from a whale holding 680 million CHZ. On-chain data shows that the whale, which has $102.6 million worth of CHZ tokens, has started selling. The investor, who is also the fourth largest CHZ whale, transferred 20 million CHZ to a different wallet during the day. He transferred roughly $3 million in this transaction. The CHZ whale then divided the fund into 9 different addresses. On-chain data shows that the whale previously transmitted CHZ to an address starting with 0x4da2. The whale had transported 21 million CHZs to this address in 4 days. It then sent these tokens to OKX, Kucoin, Binance and Bybit wallets.
CHZ price drops despite all expectations
Before the ongoing FIFA world cup, there was a lot of hype about the blockchain sports token Chiliz. However, since the event started, CHZ has had a hard time repeating this performance. It eventually lost about 29% of its value. It is currently down around 3% from the last 24 hours. However, Santiment data shows that network growth has not been spectacular. Growth has been in free fall since November 30. This downward trend indicates that the health of the network is not in a good position per new interactions. Additionally, new addresses in the CHZ network resisted transactions, negatively impacting user adoption.
The good news from the FIFA world cup and Chilliz 2.0 is the growing number of active addresses. Within the week, Chiliz’s active address reached 889. Although very few, it did not take away the fact that a large number of different addresses sent and received CHZ from the previous day.
cryptocoin.comAs you’ve followed, CHZ investors faced massive liquidations during the week. The 24-hour CHZ liquidation reached $424,150, according to Coinglass. Close analysis of the data shows that investors are not confident in the CHZ rally due to important events. This was because the majority of the liquidations (349,560) were shorts. Whereas, long position investors liquidated $136,430.
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