- Chiliz mainnet addresses just surpassed the 100,000 addresses milestone.
- CHZ sees outflows from whales but there is evidence of re-accumulation
It has been a while since we looked into the latest Chiliz development, as well as how CHZ is fairing. Fortunately, there is a reason to do so, especially after its latest developments.
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Chiliz launched its mainnet earlier this year and saw some significant growth to date. The network just announced that the number of addresses on this mainnet recently surpassed 100,000 wallet addresses. It also achieved a new milestone in the number of mainnet transactions which have now crossed the 500,000 transactions count.
Chiliz Chain surpasses 100,000 wallet addresses ✅
On February 8, we produced the genesis block of The Sports Blockchain_ ⛓️⚽️?
Today, we have surpassed 100,000 wallet addresses and 500,000 transactions on Chiliz Chain. ?#ChilizChain ⚡️ $CHZ pic.twitter.com/KfGBjFaTOT
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) July 19, 2023
The wallet addresses and transaction count were not the only noteworthy recent developments. Chiliz founder Alexandre Dreyfus recently announced that Chiliz has secured the Fan token trademark in the U.S. This means the network has the sole rights to the Fan tokens, a move that may lend it favor as far as such tokens are concerned.
Chiliz Chain surpasses 100,000 wallet addresses ✅
On February 8, we produced the genesis block of The Sports Blockchain_ ⛓️⚽️?
Today, we have surpassed 100,000 wallet addresses and 500,000 transactions on Chiliz Chain. ?#ChilizChain ⚡️ $CHZ pic.twitter.com/KfGBjFaTOT
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) July 19, 2023
The recent developments highlighted Chiliz’s progress and the growth it managed to achieve so far. However, an assessment of address activity revealed that the network still has a long way to go. The number of active addresses has notably improved in the last two months but couldn’t be considered as significant enough.
Source: Santiment
However, a large spike in active addresses was seen in the second week of June although it was short-lived. But do these favorable outcomes reflect in CHZ’s price action?
Where does CHZ stand?
CHZ has seen relatively lower movement after its mid-June bounce, resulting in low volatility. We observed a bullish attempt in mid-July, but the bulls were shot down after interacting with the 50-day moving average.
Source: TradingView
The Money Flow Index (MFI) revealed that CHZ has experienced outflows since the start of July. However, the Relative Stregnth Index (RSI) managed to hold its ground within the mid-range. The supply distribution may explain why but more on that later. Whale activity may explain the outflows.
The supply held by top addresses has been gradually declining for the last four weeks. This may explain why CHZ bulls have been having a tough time maintaining momentum. More recently, CHZ network growth tanked and might be responsible for low investor confidence.
Source: Santiment
Normally we would see a push towards the lower range for the RSI but it has so far maintained some relative strength. This might be due to prevailing accumulation despite the outflows from top addresses. The supply distribution revealed that some whales have also been buying CHZ.
How many are 1,10,100 CHZs worth today
Addresses holding between 10 million and 100 million CHZ (denoted in blue) accumulated substantially since the second week of June. This category represented roughly 16% of CHZ’s circulating supply.
Source: Santiment
More importantly, the whale category with the highest impact on the price is those holding between 100 million to 1 billion CHZ. This whale category controls over 47% of the circulating supply. The same category just started accumulating after offloading some CHZ within the last seven days.
