• Chiliz (CHZ), a leading fintech service provider, yielded nearly 150% profits to holders over the past 30 days. 
  • Whale activity in Chiliz hit its highest level since the end of March as large wallet investors poured capital into the altcoin. 
  • While large wallet transactions in Shiba Inu have decreased, Chiliz has witnessed a spike in transactions valued $100,000 and higher. 

Chiliz Chain 2.0, a layer-2, has announced the releases of its public testnet, fueling a rally in CHZ price. The Chiliz network upgrade is divided into several phases that have their own significance. The fifth rollout has fueled bullish sentiment among whales. 

Also read: Shiba Inu price: Is this the bullish signal for 85% rally in SHIB

Chiliz offers consistent gains to whales, massive bull run in CHZ

Chiliz is the 46th largest cryptocurrency by market capitalization and a trending altcoin among whales. Large wallet investors increased their activity in the altcoin, CHZ, with transactions valued at $100,000 and more hitting a peak since March. 

Chiliz announced the launch of its layer-2 scaling solution Chiliz Chain 2.0, a semi-decentralized blockchain for sports and media organizations. The launch of the scaling solution’s public testnet, “The Scoville”, has triggered a bullish sentiment among holders. Over the past 30 days, CHZ has yielded nearly 150% gains for Chiliz holders. 

Shiba Inu, the second largest meme coin in the crypto community, was marked as a favorite of whales on the Ethereum network. However, of late, whales have shed their Shiba Inu holdings and pulled capital out of the meme coin. 

Shiba Inu has dropped to fifth place among altcoins in the holdings of top 500 Ethereum whales. 

Top 10 crypto holdings of 500 largest Ethereum whales

Top 10 crypto holdings of 500 largest Ethereum whales 

As whales reallocate this capital to other cryptocurrencies, CHZ has emerged as an obvious choice with “The Scoville” around the corner. Chiliz’s network upgrade, double-digit weekly yield and massive price rally have fueled the bullish sentiment in the crypto community. Crypto intelligence tracker Santiment marked the uptick in whale activity in the chart below. 

Chiliz whale activity and price action for past four weeks

Chiliz whale activity and price action for past four weeks

Chiliz price could explode, 400% rally by 2023?

Christian, a leading crypto analyst and trader evaluated the Chiliz price chart and predicted a large fifth wave on a large timeframe. Christian applied the Elliott Wave Theory to the Chiliz price chart and noted that the first four waves are complete. Subwaves of the fifth wave are hard to predict; however, it is likely that the first two subwaves are complete.

CHZ-USD price chart

CHZ-USD price chart 

According to Christian, a 400% rally is in the charts for CHZ by 2023. Subwaves of the fifth wave target the $1.2 level, a massive spike from $0.24. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price turns as US Dollar surprises with sudden strength

Ripple price turns as US Dollar surprises with sudden strength

Ripple (XRP) price is on the back foot again after what should have been the moment every trader was waiting for this year: the Christmas rally. Instead, the rally chokes as its worst enemy is back at it – the US Dollar’s strength.

More Ripple News

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin is celebrating its ninth anniversary. The first Dogecoin block was mined nine years ago, since then the meme coin has witnessed a spike in its use cases.

More Dogecoin News

Pitstop before bullish explosive move

Pitstop before bullish explosive move

Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up. 

More Bitcoin News

Cardano price points to $0.27 eventually but an uptrend move could happen first

Cardano price points to $0.27 eventually but an uptrend move could happen first

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next.

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP