Chiliz (CHZ) Token Surges to 3-Month High as Fan Tokens Resurgence Coincides with Pepper Airdrop

Chiliz, the largest blockchain network for sports and entertainment, surged to its highest point in three months.

Chiliz (CHZ), the largest blockchain network for sports and entertainment, saw its token (CHZ) surge to its highest point in three months on Monday.

The CHZ token broke a crucial resistance, reaching an intraday high of $0.072, its highest level since July 22. Notably, the token has risen by over 66.50% from its lowest point this year.

This rebound has coincided with the resurgence of most fan tokens. The OG Fan Token (OG), which is the largest fan token, has surged by over 213% in the last seven days, bringing its market capitalization to $33.42 million.

During the same period, the Alpine F1 Team Fan Token (ALPINE) has rallied by 43%, while the Santos FC Fan Token (SANTOS) has jumped by 41%. According to data from FanMarketCap, all fan tokens have collectively amassed a market capitalization of over $313 million.

The CHZ token also rose as investors anticipated the upcoming Pepper airdrop, which is scheduled to take place on October 10.

Moreover, CHZ token surged ahead of the Pepper airdrop on Monday, rising to its highest level since late July. The token broke through a key resistance point, displaying strength in the meme coin sector and as fan tokens also rebounded.

Pepper will be the first meme coin to be airdropped on the Chiliz blockchain. According to the coin's website, its purpose and utility are yet to be fully disclosed. Instead, the coin was created by the community to "take the reins and ride."

This airdrop occurs as the meme coin industry booms, with all tokens tracked by CoinGecko having a market cap of over $53 billion. Some of the best performers include Popcat (POPCAT), whose market cap recently surged to $1 billion, and Neiro (NEIRO), which has skyrocketed by over 7,000% in the past few weeks.

Chiliz token flips key resistanceThe Chiliz token has bounced back from $0.043 in August to $0.07. It flipped the important resistance point at $0.0715, which was its highest swing on September 27, into a support level. In doing so, it invalidated the double-top chart pattern that had been forming.

Furthermore, CHZ has risen above the 50-day and 100-day Exponential Moving Averages, indicating that bulls are gaining control.

As a result, Chiliz may continue rising, with the next reference level to watch being $0.084, which was its lowest swing on April 13.