As Chiliz [CHZ] reveals its ups and downs from Q1, here’s what to expect in Q2
Despite multiple developments, Chiliz’s daily and weekly active users gained declining momentum in Q1. However, CHZ managed to register gains in the last 90 days.
![As Chiliz [CHZ] reveals its ups and downs from Q1, here's what to expect in Q2](https://ambcrypto.com/wp-content/uploads/2023/04/CHZ.png)
– Last quarter, Chiliz celebrated its fifth anniversary with a rebranding.
– The latest price action was bullish, and indicators were supportive of a further price hike.
Chiliz [CHZ] posted a tweet on 13 April highlighting all the developments that happened in its ecosystem over the first quarter. The tweet mentioned CHZ’s fifth anniversary with its rebranding, among other updates.
𝐓𝐡𝐫𝐨𝐰𝐛𝐚𝐜𝐤 𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲 🔙 Chiliz Recap Q1 2023
🌶️ Celebrating 5th Anniversary with rebranding
🧪 Launch of Chiliz Labs and the $50M incubator
✅ Genesis block validated on February 8th
👥 New Chiliz ambassador, Minjae Kim
📢 Public launch date mainnet: May 10th
👕… pic.twitter.com/PqfPzw5TKj— Chiliz – The Sports Blockchain (@Chiliz) April 13, 2023
Read Chiliz’s [CHZ] Price Prediction 2023-24
Chiliz Q1 2023 updates
The tweet revealed that Korean soccer star Minjae Kim had become Chiliz’s brand ambassador. Apart from that, the sports-based cryptocurrency also announced the public launch of its new sports blockchain, which would take place sometime in May 2023.
𝐏𝐮𝐛𝐥𝐢𝐜 𝐋𝐚𝐮𝐧𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐒𝐩𝐨𝐫𝐭𝐬 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 📢
The countdown has begun! ⌛️
On May 10, we are going to publicly launch the new Chiliz Sports Blockchain. ⚽️🏀🏈⚾️🎾https://t.co/DeAvXbJOyD
— Chiliz – The Sports Blockchain (@Chiliz) April 13, 2023
Chiliz users on a declining trend
Unfortunately, the first quarter was not the best for Chiliz in terms of user activity on the network. Notably, Dune’s data revealed that both weekly and daily active users declined over the period of the last 90 days.
Regardless, CHZ’s network growth remained high, indicating new addresses were used to transfer the token. Token transfers among wallets were also high, as evident from the network’s velocity.
CHZ eliminated a ZERO
During the beginning of this year, CHZ was valued at around $0.099. However, as the first quarter ended, CHZ removed the zero and increased its value to $0.118. In Q1, CHZ’s price touched a high of $0.17 in the second week of February.
CHZ also remained in demand in the futures market, which was evident from its green Binance funding rate throughout the quarter.
It was also interesting to note that CHZ’s exchange outflow remained consistent, which was an optimistic sign. The graph spiked on 25 March, followed by an uptrend over the next few days.
Realistic or not, here’s CHZ market cap in BTC’s terms
What to expect in Q2
As per CoinMarketCap, CHZ’s price action remained bullish as its price went up by over 5% and 3% in the previous week and the last 24 hours, respectively. At press time, it was trading at $0.1332, with a market capitalization of more than $924 million. A look at CHZ’s daily chart suggested that the bullish momentum might continue.
The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover. CHZ’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were both resting above the neutral mark, increasing the chances of a continued price hike.
