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The crypto industry has made strong ties with several major industries over the years, but the two strongest ones — apart from the financial industry itself, of course — are the gaming and sports industries.
Both of these were more than willing to start experimenting with crypto, especially when it comes to the sports industry, which saw countless athletes enter partnerships with digital currencies. Many have promoted existing coins, while some even launched their own. Entire clubs have been creating or partnering with crypto in order to form a more direct communication with their community, sell merchandise, exclusive tickets to games, and more.
Pretty much all branches of the sports industry have been interacting with crypto in one form or another, which led to the launch of Chiliz, the world’s first tokenized sports exchange.
Now, Chiliz (CHZ) aims to add as many new sports tokens as possible and become a go-to place for all sports fans looking for an easy way to buy or sell their sports cryptos, as well as all clubs and athletes looking to issue their coins and list them on a platform that would make them closer to their fans.
To that extent, Chiliz just announced the listing of Racing Club de Avellaneda’s fan token $RACING. According to its tweet, published yesterday, January 26th, the trading is scheduled for January 27th, 14:00 CET. Deposits and withdrawals are already open, with the trading starting today.
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) January 26, 2022
Chiliz is a leading crypto exchange for sports and entertainment tokens. It has its own token, CHZ, and it operates the blockchain-based sports entertainment platform Socios, which even allows users to participate in the governance of their favorite sports brands.
What this means is that fans can obtain tokens of a certain club and participate in decision-making through polls and surveys which are not available to non-token holders. These decisions could include anything, such as what message the captain should wear on his armband or anything else that the club offers a poll on.
Since its launch, Chiliz has developed partnerships with some of the largest sports institutions in the world, such as Paris Saint-Germain, FC Barcelona, Juventus Turin, Manchester City, and others.
Chiliz token drops in 2022
Back in early 2021, the CHZ token’s price was as low as $0.02. However, the coin skyrocketed in March, going all the way up to $0.72 by March 12th, and then, after a correction to $0.5, it surged again to $0.77.
During the summer, it crashed to $0.2, only to recover to $0.45 in September, and then drop to $0.3 as the month ended. In late October, the coin surged to $0.5 again and then crashed back below $0.3, which is where it finished last year.
Unfortunately, as 2022 kicked off, things did not turn for the better. After spending around six days trying to breach a resistance at $32, the coin dropped to $0.27, and then to $0.24 by January 8th. After a brief recovery to $0.27the coin dropped back to a support at $0.26, and around January 17th, this level broke as well. By January 22nd, the coin fell to a support at $0.16, with $0.18 acting as its new strongest resistance. At the time of writing, the coin is still stuck between these two levels, currently sitting at $0.1718.
To learn more about this token visit our Investing in Chiliz guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.