QuickTake:

• CHZ, the native token of Chiliz, sees a significant price surge ahead of UEFA Euro 2024.
• The token has gained over 20% in the past week, ranking it among the top performers in the crypto market.
• A similar pattern occurred before the 2022 FIFA World Cup, suggesting potential for both gains and a subsequent sell-off.
• 10X Research predicts a repeat of the FIFA scenario with the upcoming UEFA Euro tournament.

As the UEFA Euro 2024 tournament approaches, Chiliz’s CHZ token has experienced a remarkable surge in value, drawing parallels to its performance before the 2022 FIFA World Cup. Over the past week, CHZ has climbed by more than 20%, marking the third-largest gain among the top 100 cryptocurrencies by market value. This surge is largely driven by the excitement surrounding the upcoming football championship.

Chiliz, a blockchain platform that powers Socios.com, the leading sports fan token creator, uses CHZ as its native token. This token enables fans to engage with their favorite sports teams, making it a vital part of the interaction between sports and blockchain technology. The recent increase in CHZ’s value highlights the growing interest in the token as the UEFA Euro event nears.

Historically, CHZ experienced a similar rally before the 2022 FIFA World Cup. The token’s value doubled in the months leading up to the event, reaching nearly 30 cents before the tournament began. However, this surge was followed by a significant decline, with prices dropping almost 40% in December 2022. This pattern suggests that while there is potential for gains, investors should also be cautious of a possible sell-off after the event.

10X Research anticipates a similar scenario with the upcoming UEFA Euro 2024. Markus Thielen, founder of 10X, highlighted that CHZ rallied over 100% before the 2022 FIFA World Cup, only to decline by 60% the day before the event started. He predicts that the UEFA European Football Championship, scheduled from June 14 to July 14, 2024, will see a comparable, albeit slightly smaller, pattern. Thielen also noted that Chiliz tends to promote its token around major sporting events, which could further drive its value up in the short term.

According to data from Coingecko, CHZ has risen 25% in the past week, reaching a two-month high of over 15 cents and hitting a three-week high of 16 cents. This double-digit price surge is notable, especially when compared to other major cryptocurrencies like Bitcoin and Ethereum. The upcoming 24-country Union of European Football Associations (UEFA) Euro event has undoubtedly amplified CHZ’s valuations.

Socios.com, the platform powered by Chiliz, is a significant player in the sports fan token market. Most fan tokens on Socios.com are procured using CHZ, making it a key indicator of the level of interaction between fans and their favorite sports teams. The excitement and engagement from fans around major sports events like the UEFA Euro can lead to increased demand for CHZ, driving its price up.

However, investors should be aware of the potential for a post-event sell-off. The 2022 FIFA World Cup serves as a cautionary tale, where the initial hype and price surge were followed by a sharp decline. While the UEFA Euro 2024 is expected to generate similar interest and excitement, it’s important to approach with a balanced perspective, considering both the potential gains and the risks involved.

In conclusion, the upcoming UEFA Euro 2024 has revived interest in Chiliz’s CHZ token, echoing its performance before the 2022 FIFA World Cup. With significant gains in recent days and the potential for further increases as the event approaches, CHZ presents an exciting opportunity for investors. However, the pattern observed in 2022 suggests caution, as a post-event sell-off could follow the initial surge. As always, staying informed and approaching investments with a balanced strategy is key to navigating the volatile world of cryptocurrencies.