Chiliz token pops as fan tokens jump ahead of Pepper airdrop

Chiliz, the largest blockchain network for sports and entertainment, reached its highest point in three months.

Chiliz (CHZ) token broke a key resistance and reached an intraday high of $0.072. This is the highest level since July 22. It is up over 66.50% from its lowest point this year.

This recovery coincided with the resurgence of most fan tokens. The largest fan token, OG Fan Token (OG), has increased by over 213% in the last seven days, reaching a market value of $33.42 million.

Alpine F1 Team Fan Token (ALPINE) increased by 43%, while Santos FC Fan Token (SANTOS) increased by 41% in the same period. According to FanMarketCap, the market value of all fan tokens has accumulated over $313 million.

CHZ token also rose as investors awaited the Pepper airdrop scheduled for October 10.

𝗣𝗘𝗣𝗣𝗘𝗥 𝗔𝗜𝗥𝗗𝗥𝗢𝗣 🪂🎁

Get ready for PEPPER, the newest trade show launch coin! 🌶️

⭐ Fair Launch: No preprints, no ICOs; Everyone starts on equal terms.
⭐ Community Driven: Created by #PepperPeople.
⭐ Snapshot Date: 10 October 00:00 UTC#Airdrop ⚡ $CHZ

— Chiliz – Sports Blockchain ⚽🏆 (@Chiliz) October 2, 2024

Pepper will be the first meme coin on the Chiliz Blockchain. According to the website, its purpose and benefits remain a mystery. Instead, it was created by the community to “take the reins and drive.”

The airdrop comes at a time when the meme coin industry is booming and all tokens tracked by CoinGecko have a market cap of over $53 billion. Some of the most notable performers have been Popcat (POPCAT), whose market cap recently rose to $1 billion, and Neiro (NEIRO), which is up over 7,000% in the past few weeks.

Chiliz token reverses key resistance Chiliz price chart | Source: TradingView

Chiliz token rose from $0.043 to $0.07 in August. It turned the important resistance point at $0.0715, the highest rise on September 27, into a support level. By doing this, he invalidated the double top chart formation that had formed.

CHZ also broke above the 50-day and 100-day Exponential Moving Averages, indicating that the bulls are taking control.

Therefore, Chiliz may continue to rise and the next reference level to watch could be $0.084, its return low on April 13.