Today, one of the more distinctive crypto projects is Chillz (CHZ -1.66%). This unique cryptocurrency backs a blockchain-based sports entertainment platform, Socios, which allows investors to have a say in the governance of their favorite sports brands. As it happens, the Chillz team and Socios have been on a partnership tear, leading to an impressive rally this month. Today, Chillz is up another 2.8% as of 12:15 p.m. ET. However, over the past month, this token has surged 65.5%, outpacing most major cryptos over this time frame.

On Aug. 1, which is really when Chillz started to pick up steam, Chillz announced a massive $102 million stake in FC Barcelona’s Barca Studios. This deal amounts to roughly one-quarter of this endeavor, enabling Chillz to grow its presence in the sports-related NFT and metaverse worlds.

Today, crypto exchange ByBit announced that Chillz would be powering a Fan Token Kickoff for the platform. This contest is expected to run from Aug. 19 to Sep. 2 and give users chances to win 200,000 Tether (USDT -0.02%) stablecoins in prizes.

What is Chiliz?

As the crypto market continues to struggle amid a bearish market situation, few cryptos are grabbing market attention with an impressive rally. One such crypto which has managed to have managed to grab the market’s attention during a bearish phase is the Chiliz (CHZ) crypto. 

The Malta-based CHZ platform is primarily the world’s leading blockchain fintech provider for sports & entertainment. Developed by Socios.com, CHZ crypto powers blockchain technology to increase engagement between fans and their favorite sports teams. Fans can buy Fan Tokens of their favorite teams using the CHZ token and customize them for a real-world experience.  

The CHZ crypto on 16 August was rallying by 13.70% at 10:40 AM (GMT +1), according to CoinMarketCap. Besides, the token was also witnessing a decent volume gain of 70.78% at the time of writing.

Why is CHZ crypto rallying? 

Chiliz crypto is witnessing a rally on Tuesday due to a variety of factors. Keeping aside its bullish run of late for the past 30 days or so, CHZ crypto has been making noise on the partnerships front. 

Leading football giant FC Barcelona last week announced a multimillion-euro partnership with Socios.com. It is expected that following the announcement, Chiliz too on its front will be investing 100 million euros to acquire nearly a quarter of Barca Studios. 

Besides, on 16 August, leading exchange ByBit announced its Fan Token Kickoff which will be powered by the CHZ cryptos. The Fan Token Kickoff seems to be a contest that will run from 19 August to 2 September, wherein the users will stand a chance to win approximately 200,000 USDT as a prize. 

The news seems to have lifted the mood of the Chiliz investors with the RSI of the token bouncing to 79.63, indicating it was in an overbought position during the intra-day trading session. 

How is CHZ crypto faring? 

The 47th-ranked Chiliz crypto on Tuesday was trading at the US $0.206744 with a trading volume of US $68,61,15,761, according to CoinMarketCap. Chiliz crypto boasted of a live market cap of US$1,24,05,41,340 with 6,00,03,87,493 CHZ coins in circulation.

While the rally might be impressive it’s important to keep note, that after such a rally, the market often goes back to the market correction phase. Therefore, one must study the trends and do their respective market research before making big investment decisions.