Chiliz intensifies efforts towards CC2 as it crosses milestone, but CHZ…

  • The number of wallets on Chiliz 2.0 exceeded two million.
  • However, the sentiment toward its token appeared negative.

According to Alexandre Dreyfus, the founder of Chiliz [CHZ], wallets on the project’s first version surpassed two million. Dreyfus, who tweeted about the development, noted that the blockchain-based sports network would use the inspiration as a drive to improve the Chiliz Chain 2.0 (CC2) ecosystem.

Realistic or not, here’s CHZ’s market cap in BTC’s terms

Details from the snapshot showed that over 34 million transactions had passed through the network, with the creation of 21.85 million blocks.

Chiliz 2.0 is the new layer one (L1) blockchain of the project, aimed at lowering fees and shortening block time. In February, the first block of the CC2 was produced.

Chiliz throws in the towel

Chiliz has been noticeably off the radar in this year’s first quarter (Q1). Prior to the start of 2023, the blockchain and the CHZ token got a lot of attention from investors. Although this was largely due to sporting events at the time, Chiliz also had its own input with several upgrades.

A look at the data from Santiment showed that CHZ’s social volume was nowhere near the spikes it experienced in December 2022. The metric describes the search frequency of an asset based on the number of posts on social networks. At press time, the social volume had a value of five.

Chiliz social volume and weighted sentiment

Source: Santiment

Recall again that at various times, the sentiment toward CHZ was so glaring that it beat Bitcoin [BTC] and Ethereum [ETH] in Q4 2022. However, at the time of writing, Chiliz’s weighted sentiment was down to -0.305, as shown above.

This decline meant that the negative sentiment was dominant, and user polarity regarding CHZ was more pessimistic. Besides that, there were signs that long-term holders of the token were reducing the amount held.

Circulation in the uptrend

Santiment data also showed that the 90-day dormant circulation of CHZ reached its highest in almost two months. The dormant circulation revealed the number of unique tokens that haven’t moved within a long period.

Read Chiliz’s [CHZ] Price Prediction 2023-2024

The metric touching 390.02 million indicates that holders were ready to transact, and possibly ready to trade off some of the tokens. However, CHZ’s circulation in the last seven days has been on a non-stop increase. At 769.54 million, the circulation implied that the number of CHZ used within this period surged significantly.

Chiliz dormant circulation and seven-day circulation

Source: Santiment

Meanwhile, CHZ has failed to replicate its Q3 performance. According to CoinMarketCap, the token had lost 14.77% of its value in the last 30 days while exchanging hands at $0.114 at press time.

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