In a recent twitter thread, the on-chain analytics company IntoTheBlock examines Chiliz’s on-chain behaviour.
According to the report, there has been a noticeable rise in transactions over the previous week, notably important transactions with a value of between $10,000 and $1 million.
At the end of March, the network underwent a significant change, with almost 10,000 transactions taking place in a single day.
This activity indicates that the majority of addresses with a balance performed a transaction on this day over the preceding two years. On this specific day, transactions were made at a total of 21.5% of the addresses holding balances.
It claims that there may be a connection between these transactions and whales moving their holdings to the mainnet.
IntoTheBlock points out that the pattern in large transactions may portend substantial price changes in the near term, regardless of whether of the factors mentioned above may apply to huge transactions.
It’s important to note that the tokens used in the transactions have been kept for a long period. The average holding period for the CHZ that were traded on March 27 was nine months, which is the longest period ever for the cryptocurrency asset.
12.58% of Chiliz holders in profits
On March 13, 2021, CHZ achieved an all-time high of $0.89, based on information from CoinMarketCap. Only 12.58% of CHZ holders are making money, according to IntoTheBlock. CHZ was trading at $0.13 at the time of writing, down 2.97%.
It may appear important to take into account the fact that many Chiliz holders previously purchased CHZ starting at 0.159 because if the price swings in this direction, it might spur more moves.
Last but not least, despite the fact that additional addresses have been produced, IntoTheBlock reports that user numbers have not increased much. The number of new users on Chiliz increased around the time of the World Cup. It is unknown whether Chiliz’s upcoming mainnet debut will draw in new users.
As March came to a close, there were fewer addresses that owned CHZ, although whale dominance rose, suggesting consolidation by a significant holder. In the neighbourhood, there is a report that Binance is the holder.
