Cryptocurrency sports project Chiliz is poised for significant price growth in the coming weeks due to recent developments in its market outlook. Over the past seven days, CHZ, Chiliz's native token, surged by 25%, reaching a two-month high of over 15 cents. This surge places CHZ as the third-biggest gainer among the top 100 cryptocurrencies by market value, behind Notcoin (NOT) and the Solana-based meme coin Dogwifhat (WIF).

Chiliz (CHZ) Price Hits 3-Week High

This substantial price increase has attracted investor attention, partly driven by anticipation for the upcoming UEFA Euro football competition from June 14 to July 14, 2024. On Socios.com, fan token transactions must be completed using CHZ, making it a vital medium for fan interactions with their favorite teams.

In 2022, just before the FIFA World Cup, CHZ saw a more significant rally, doubling in value to nearly $0.30 before the event, only to drop by 40% in December. Recently, CHZ hit a three-week high of 16 cents but has since adjusted to $0.1454, with a 3.50% dip, though it remains up 20.44% over the past week.

Enthusiasts Expect CHZ to Hit New Levels as UEFA Draws Closer

10X Research predicts CHZ will follow a similar bullish trend as in 2022, expecting gains by mid-June followed by a potential sell-off. Markus Thielen, founder of 10X, noted that CHZ rallied over 100% before the FIFA World Cup in 2022, only to decline by 60% just before the event started. This pattern aligns with historical data showing sports tokens often experience pre-event optimism and rallies, followed by post-event declines.

This trend is supported by a study in Research in International Business and Finance, highlighting anticipatory gains and event-driven losses in fan tokens. The upcoming months will reveal if CHZ follows this historical trend leading up to the UEFA event.