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Chiliz, a blockchain provider for sports and entertainment, has activated the Dragon8 hard fork on the Chiliz Chain.
Chiliz ($CHZ) is a leading blockchain platform making buzz for its Dragon8 hard fork. The platform announced the activation of the Dragon8 hard fork on its chain, which is coming with its exciting new tokenomics model and some new technological upgrades.
What Does The Dragon8 Hard Fork Bring To The Table?
Chiliz Dragon8 hard fork majorly focuses on its tokenomics, named Chiliz Chain Tokenomics 2.0, featuring a structured annual inflation rate and a transaction fee-burning mechanism to incentivize participation and commitment from validators and users.
Dragon8 🐉 Hard Fork official date (*) is set on the 21st of May.
— Chiliz ($CHZ) – The Sports Blockchain ⚽🏆 (@Chiliz) April 30, 2024
With the Dragon8 Hard Fork, Tokenomics 2.0 and compatibility with other major Ethereum upgrades will be launched on Chiliz Chain, The Sports Blockchain. ⚽️#Dragon8 ⚡️ $CHZhttps://t.co/MZzVNO7CSF
Dragon8 also introduces substantial developer-oriented advancements, including the latest version of Solidity and support for type-2 transactions. The Chiliz Chain’s ecosystem continues to attract developers and users with its commitment to innovation and community engagement.
The team has designed new tokenomics to promote community involvement, facilitate sustainable expansion, and enable long-term ecosystem funding.
Chiliz Technical Chart Analysis
The Chiliz crypto (CHZ) crypto price is in the bearish territory and has displayed bearish moves for the past trading sessions. Furthermore, the cryptocurrency is struggling to sustain gains above the key moving averages and is heading in a downward direction. The crypto has declined tremendously this month, demonstrating the bearishness in recent sessions.
At press time, the Chiliz crypto (CHZ) price was trading at $0.11505470 with an intraday loss of 1.35%, indicating bearishness on the charts. It has a monthly negative return of 16.95% and 1.60% weekly. It has a market cap of $1.02 Billion. Indicators are bearish and suggest the CHZ price will attain lower levels in upcoming sessions.
According to the technical summary on TradingView, out of 26 indicators, 9 are on the sell side, 9 are on the neutral side, and 8 are on the buy side, which shows that the indicators are giving neutral signals and indicating a positive outlook for the CHZ price.
Chiliz Crypto Price vs Volume Analysis On The Decline Mode
According to the Santiment graph of price and volume, the trading volume has dropped from $359 Million to $73.84 Million since the beginning of March, and the price has also dropped with trading volume.
The trading volume has dropped tremendously in a month and the price has also declined, same as volumes. If the trading volume keeps falling, then it may have a negative impact on the price.
Chiliz Crypto Social Dominance vs Social Volume Plunged
The charts for social dominance and social volume have been showing a decline over the past few months, indicating a decrease in awareness and discussions across the crypto media.
Information on social media platforms such as X, Instagram, and Telegram has also plunged in the long term. If the graphs for social dominance and social volume were to increase, it could have a positive impact on the price of Chiliz.
Summary
Chiliz ($CHZ) has activated the Dragon8 hard fork on its chain, which includes new tokenomics and upgrades. The hard fork features an annual inflation rate and a transaction fee-burning mechanism to incentivize participation. The Chiliz crypto (CHZ) price is currently in a bearish territory, struggling to sustain gains above the key moving averages, and trading volume has dropped in a month. The charts for social dominance and social volume have been showing a decline over the past few months, indicating a decrease in awareness and information on social media platforms.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
