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The whale on the Chiliz fan token market has set in motion 20 million CHZ belonging to it. Such large-scale movements can collapse the price of a token in a thin market
Yesterday, on December 29, the whale became active again on the Chiliz fan token market. He moved 20 million tokens from his wallet, whose address starts with 0x8163 and on which almost 650 million CHZ coins are stored.
Meanwhile, CHZ formed a Doji candle on the chart the day before, reflecting the indecision of the market. In a thin holiday market, moving so many tokens can bring down the price.
Chiliz (CHZ) is a native coin of the platform Socios.com , which issues fan tokens and trades them, thereby playing an important role in their popularization. The Chiliz ecosystem features many fan tokens of various teams that took part in the recently concluded Qatar World Cup. Well-known football clubs such as Paris Saint-Germain (PSG), Manchester City, Barcelona and Juventus cooperate with Socios.
According to Etherscan, on December 29, 20 million CHZ tokens were transferred from the address 0x8163 to the wallet 0x4da2. After that, the recipient's wallet sent out more than 18 million CHZ to the addresses in a series of transactions of approximately 2 million CHZ.
Source: Etherscan
Almost all of these wallets continue to store Chiliz received from 0x4da2. The exception were the addresses 0x4044 and 0x1ae0. They collectively transferred 373,999 CHZ to the OKX crypto exchange.
These 374 thousand coins will not be able to exert significant downward pressure on the market. However, the picture will change if the whale continues to transfer coins to exchanges. During the holidays, when trading volumes in the market fall, large-scale transactions increase the pressure on the price.
Note that earlier, on December 19, this whale had already made a transfer of 14 million CHZ tokens. First, the coins were moved to the address 0x4da2, and from there they were distributed to wallets in portions of 1.4 million CHZ. At the same time, on December 19, the CHZ rate decreased by almost 10%.
Even earlier, on December 8, the 0x8163 wallet worked according to the same scheme, moving 20 million CHZ to the same address 0x4da2. Since then, the token has fallen in price by about 32%. Now almost 650 million are stored on this wallet. If the whale continues to act in the same spirit and will withdraw coins to the stock exchange, this may have a tangible impact on CHZ.
