On Monday (September 19), a day when almost every top 50 cryptoassets (including $BTC and $ETH) is in the red, $CHZ, the native token of the Chiliz blockchain, which powers the Socios.com fan engagement platform, is up over 5%.
The main reason that the crypto market (as well as the U.S. stock market) is doing so badly today is that global markets are nervously waiting for the conclusion of this month’s meeting of the Federal Open Market Committee (FOMC).
After the two-day FOMC meeting ends on Wednesday (September 21), Federal Reserve Chair Jerome Powell will announce how much the FOMC has decided to raise the federal funds rate, which the Federal Reserve Bank of St. Louis defines as “the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. “
Although most analysts are expecting a 75 basis points (i.e. 0.75%) rate hike, there are some who believe that there is a 20% chance of a 100 basis points rate increase because inflation in the U.S. went up more than expected in August.
As you may remember, on September 13, the U.S. Bureau of Labor Statistics reported that “the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July,” and that “over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.”
Although currently (as of 6:40 p.m. UTC on September 19), with the exception of stablecoins, only seven of the top 50 cryptoassets by market cap is in the green, $CHZ is one of those few outperforms, up 7.05% (vs USD) in the past 24-hour period; in fact, $CHZ is the biggest percentage gainer (vs USD) among these seven cryptoassets that are in the green.
As for the past three-month period, the performance of $CHZ has been even more impressive since it has gone from $0.0898 to $0.2450, which is a gain of over 172%.
Earlier today, Chiliz and Socios.com CEO Alexandre Dreyfus tweeted about his upcoming trip to the Upbit Developer Conference in Busan, South Korea:
Also, it seems that $CHZ is currently popular with the top 500 Ethereum whales: