Three reasons why CHZ could rally

• Binance and Bitget exchanges announce support for Chiliz’s new community token, PEPPER, and its airdrop.
• Santiment’s data shows that the CHZ exchange flow balance has a negative peak.
• Chiliz’s daily trading volume reached a new all-time high of $477.01 million.

Chiliz (CHZ) is extending its gains on Thursday, trading around $0.07, as the recent announcement of support for its new community token, PEPPER, by crypto exchanges Binance and Bitget, fuels optimism. In addition, on-chain data further supports the bullish thesis as CHZ shows a negative increase in exchange flow balance and daily trading volume is recording, suggesting a potential rally in the coming days.

Binance and Bitget support Chiliz PEPPER airdrop

Cryptocurrency exchanges Binance and Bitget announced on Wednesday that they will support the PEPPER airdrop for Chiliz holders. PEPPER is a new community token built on the Chiliz chain. Its purpose and utility is still a mystery – it was created for the community to take the reins and ride with it. Each CHZ holder is set to receive 150 PEPPER tokens per CHZ, creating significant interest and excitement within the community.

Chiliz data on the chain shows the strength

Chiliz’s chain stocks further support the bullish outlook. The Exchange Flow value from Santiment shows the net movement of CHZ tokens into and out of exchange wallets.

An increase in this value indicates that more CHZ has entered the exchanges than exited, suggesting selling pressure from investors. Conversely, a decrease in value indicates that more CHZ has left the exchange than entered, indicating less selling pressure from investors.

In the case of CHZ, this measure fell from 2.63 million to -962.66 million from Monday to Wednesday. This decrease in exchange flow balance indicates the increase in investor confidence as holders remove Chiliz tokens from exchanges and store them in cold wallets.

Balance chart of CHZ exchange flow. Source: Sentiment

Another aspect that supports the platform’s optimistic outlook is a recent increase in trader interest and liquidity in the CHZ chain. Data from crypto aggregator platform DefiLlama shows Chiliz’s daily trading volume increased from $61.71 million on Tuesday to $477.01 million on Thursday, a new all-time high (ATH) for trading volume.

CHZ daily trading volume chart. Source: DefiLlama