Massive Chiliz (CHZ) Transfers Spotted in Recent Hours, Here’s Destination

As reported by Lookonchain, massive Chiliz transfers have been spotted in recent hours. A Chiliz whale made a move of about 14 million CHZ, worth $1.6 million, to nine different addresses. The on-chain analytics provider predicts that based on previous trading behavior, the CHZ tokens might eventually land on exchanges.

This $CHZ whale transferred 14M $CHZ($1.6M) out to 9 addresses again.

Based on previous trading behavior, these $CHZ will eventually enter exchanges.https://t.co/zEYp1Pqafu pic.twitter.com/fAbcBvJWaU

— Lookonchain (@lookonchain) December 19, 2022

Whales or holders typically transfer their assets to exchanges to sell them, and vice versa. In the last 24 hours, whales bought the CHZ dip as it fell to lows of $0.07.

According to WhaleStats data, Chiliz (CHZ), the native token that powers the Socios blockchain, ranked among the top 10 tokens purchased by the top 5,000 ETH whales.

Whales frequently buy at a discount during periods of decline; some may decide to «hodl» or resell at a higher price to maximize short-term gains.

Here’s how price reacted

At the time of publication, Chiliz (CHZ) was down 6.1% at $0.115. The token is likewise down 19.7% in the last seven days and down 57.7% in the last thirty days.

The drop occurred amid the just-concluded FIFA World Cup. Before the worldwide event, investors anticipated a strong CHZ performance due to a constant upswing in the run-up to the event. Unfortunately, the conditions were different, as Chiliz instead saw selling pressure.

The FTX saga and ensuing fears of contagion did not help matters at all. On Dec. 8, Lookonchain reported that a giant whale with 680 million CHZ, worth nearly $102.6 million, was selling his Chiliz tokens. The whale was reportedly the fourth largest holder of Chiliz tokens. The whale moved about 20 million Chiliz to an address that was later shifted to nine other addresses.

On Dec. 8, CHZ’s price closed the day down 6%.

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