Chiliz Chain 2.0 Launches with a Bang!
In a significant milestone for the Chiliz [CHZ] network, its much-awaited Chain 2.0 generated its first block on February 8th at 8:08 AM UTC. The news was shared by Chiliz CEO Alexandre Dreyfus on Twitter.
Chiliz Takes Another Step Forward with EVM L1
The launch of the Layer-One EVM blockchain is a significant development for Chiliz and is expected to help grow the Chiliz developer community. To further support the launch, Chiliz has announced that it will be organizing a series of hackathons in stadiums and sports arenas globally. The Chiliz World Tour series is aimed at not only growing the developer community but also increasing the exposure of Web3 and sports in mainstream media.
CHZ Volume Dips Despite Launch
However, the launch of Chiliz Chain 2.0 has not had an immediate impact on the price of CHZ. In fact, the volume of transactions on the network has declined by 52.57%. The CHZ price has also faced some headwinds, with a daily chart indicating that it has recently exited an overbought level as per the Relative Strength Index (RSI).
A Mixed Bag for CHZ Investors
Investors looking to trade CHZ will need to exercise caution as the trend remains bearish. The signals from the daily Exponential Moving Average (EMA) show that the 20 (blue) and 50 EMA (yellow) are close to each other. This suggests that investors may need to wait for more observations before making a decision to go long or short CHZ.
CHZ on Investors’ Radar
Despite the price decline, there is some positive news for CHZ as well. The social volume for CHZ hit a two-month high on February 8th, according to information from Santiment. The increase in social volume, which measures the discussion around an asset, suggests that CHZ was one of the tokens on investors’ radars on that day.
Long Traders Take a Hit
The CHZ decline has hit long-positioned traders the hardest. According to Coinglass, about $1.14 million worth of open orders from traders were liquidated in the last 24 hours. An evaluation of the data from derivatives information showed that long traders accounted for over 90% of the wipeout while short traders suffered relatively little.