Chiliz (CHZ) Surges 13% Following Binance PEPPER Airdrop Announcement
The native token of sports blockchain platform Chiliz has seen a significant price surge, climbing 13% to reach $0.07227. This rally comes on the heels of major crypto exchange Binance revealing support for an upcoming airdrop of PEPPER tokens to CHZ holders.
The PEPPER airdrop is slated to begin with an initial snapshot on October 10th, followed by three additional snapshots later in the month. To qualify, users must hold at least 100 CHZ tokens across eligible Binance wallets.
For every 150 CHZ held, participants will receive 1,000 PEPPER tokens. The snapshots will occur between October 10-31, 2024. While borrowed tokens are excluded, eligible CHZ balances in certain account types will qualify for the airdrop.
Binance has stated that PEPPER token distribution will happen in a single batch after the snapshots conclude. The exchange emphasized that normal trading services will remain unaffected during this period. Additionally, PEPPER’s potential listing on Binance will go through standard review procedures.
According to developers, PEPPER aims to be the first meme coin on the Chiliz blockchain. While its specific use case is still unclear, the community-driven project intends to “take the reins and ride.”
The announcement has triggered renewed interest in CHZ tokens. Derivatives data from Coinglass shows CHZ open interest has jumped 58.45% to $69.39 million. Meanwhile, 24-hour liquidations have exceeded $1.22 million.
From a technical perspective, CHZ has broken above key resistance levels. The token has moved past both its 50-day and 100-day exponential moving averages, signaling building bullish momentum. The next major resistance to watch is $0.084, which marked a swing low in April.
With market sentiment turning positive, CHZ appears poised for further gains in the near term as traders position themselves ahead of the highly-anticipated PEPPER airdrop. However, investors should remain cautious and conduct thorough research before making any trading decisions in the volatile crypto market.
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