Chiliz: Network’s impressive wallet growth reinforces optimism in Chiliz 2.0

• Chiliz boasted over two million wallets, setting a high bar for Chiliz 2.0
• CHZ volume fell to monthly lows as the market waits for the next major move.

We recently looked into Chiliz growth as mainnet address hit new milestones. The network’s founder Alexandre Dreyfus recently followed up with statements that underscore the Chiliz chain 1.0’s performance and what to expect from Chiliz 2.0.

Is your portfolio green? Check out the Chiliz Profit Calculator

The Chiliz CEO expressed pride in the 2.1 million wallets that have so far been created on the network’s first iteration. Dreyfus stated that the wallet count represents a strong achievement for the network and that it puts it within the same range as other top layer 1 and 2 networks. The Chiliz CEO also has high expectations for Chiliz 2.0 which he believes will offer more opportunities.

Our @chiliz chain 1.0 has more than 2.1 million wallets, that’s half of a major hot L2 or 10% of top 1 L1. I’m very confident that the @chiliz chain 2.0 will bring a lot of new opportunities related to DeFi x Sports x Web3. Block by block. pic.twitter.com/xy0da3x70B

— Alexandre Dreyfus ?? (@alex_dreyfus) July 29, 2023

We have seen Chiliz expanding its reach over the last few months, as well as achieving more adoption. These observations underscore the network’s growth potential and this would explain why Dreyfus is confident about Chiliz 2.0.

CHZ struggles to overcome its current ranging performance

CHZ has been struggling with low volumes after its mid-June bounce. It has been trading in a sideways pattern for the most part in the last four weeks and any bullish attempts have been subdued below the $0.085 price level. CHZ traded at $0.079 at press time, which was still within its lower range. However, it recently exceeded the 50-day moving average.

Source: TradingView

CHZ’s price action so far represents the slowdown in the crypto market. Its RSI has been hovering near the 50% level while the MFI signifies that there was still some accumulation and distribution taking place. CHZ’s performance may not offer much in terms of insights about its future performance. On-chain data may offer more clarity.

Chiliz’s network growth has been on a downward trajectory for the last 5 days. This reflects the slowed market activity, although it is now showing signs of a potential pivot. Interestingly, the network’s weighted sentiment metric has been ascending since the second week of July. In other words, CHZ bullish expectations have been dominant.

Source: Santiement

How many are 1,10,100 CHZs worth today

Although the sentiment is bullish, CHZ’s on-chain volume drastically declined in the last 7 days. It fell to its lowest 4-week level in the last 24 hours. This outcome reflects the lack of enough momentum to cause a directional shift.

Source: Santiment

CHZ’s recovery is predicated on the overall outcome of the crypto market. It will be interesting to see whether things will change now that August is almost here.