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On-chain data suggests that some large whale addresses may have accumulated Chiliz ($CHZ) tokens prior to the World Cup, significantly reducing the net circulating supply on centralized exchanges (CEX).
According to analyses, the amount of $CHZ held on exchanges has fallen to only about 13% of the total net circulating supply.
Crypto research platform TKResearch Trading, in a social media post citing Nansen data, stated that potential accumulation movements aimed at controlling the $CHZ supply on the blockchain before the World Cup have been detected.
According to the data, the total circulating supply of $CHZ is approximately 10.15 billion. Of this, 5.63 billion is held in Chiliz wallets and cross-chain bridges, and 1.37 billion is held on centralized exchanges. This distribution reveals that the net circulating supply that can actually be traded in the market is approximately 3.15 billion $CHZ.
On the other hand, a net outflow of 150 million $CHZ has occurred from exchanges since December 11th. During this period, the total $CHZ balance on exchanges decreased from 1.52 billion to 1.37 billion.
On-chain data also shows that nine new addresses created between December 11–14 purchased a total of 384 million $CHZ through Coinbase. The average price of these purchases is reported to be approximately $0.033.
Following the purchases, the $CHZ price nearly doubled, rising to $0.06. However, it was determined that the addresses in question did not sell during the price increase; instead, they continued to accumulate by purchasing approximately 100 million more $CHZ.
Currently, these large addresses are estimated to hold a total of 384 million $CHZ. This amount corresponds to approximately 28% of the total reserves on the exchanges and about 13% of the net circulating supply.
*This is not investment advice.