CHZ, the native cryptocurrency of sports blockchain platform Chiliz, has seen a strong uptick after cryptocurrency exchange Binance announced support for the PEPPER cryptocurrency airdrop and offered some exciting rewards to Chiliz holders. As a result, Chiliz’s price surged 13% all the way to $0.07227, and its market cap soared to over $650 million.
Chiliz price surges as Binance airdrop pushes forward
On Thursday, October 10, the first snapshot of the PEPPER airdrop will be taken, followed by three more snapshots later this month. In order to participate and be eligible to receive PEPPER tokens, users should hold at least 100 CHZ in their wallets, including funding, spot, and margin wallets.
As a result of this development, the price of Chiliz has risen significantly as investors seek to acquire more PEPPER tokens following today’s airdrop snapshot. As part of the arrangement, Chiliz token holders will receive 1,000 PEPPER tokens for every 150 CHZ held. The airdrop snapshot will take place between October 10 and October 31, 2024. Here are some of the best cryptocurrency airdrops in 2024.
Eligible CHZ balances in certain account types will be eligible, with the exception of borrowed tokens. PEPPER token distribution will be conducted in batches after the snapshot. Despite the airdrop, trading services such as spot and futures will not be affected. PEPPER listing on Binance will go through the usual review process, so participation does not ensure listing approval.
Pepper is set to become the first meme coin on the Chiliz blockchain. While its purpose and utility are not yet clear, the community has developed the coin with the goal of “taking control of the situation.”
CHZ breaks through key resistance level
According to Coinglass derivatives data, CHZ’s open interest surged 58.45% to $69.39 million. Similarly, 24-hour liquidations also surged by more than $1.22 million, of which $621,000 were short-term liquidations.
In August this year, the Chiliz (CHZ) token rebounded from $0.043 and broke through $0.07 all the way. Moreover, the CHZ price has successfully turned the $0.0715 resistance level into support, thus forming a double top chart pattern.
Moreover, CHZ has broken above the 50-day and 100-day exponential moving averages, which suggests that bullish momentum is building. Therefore, Chiliz is ready for further gains, and the next key level to watch is $0.084, which was the lowest swing low on April 13.