Chiliz (CHZ), the native token of the sports blockchain platform, has seen a strong rally following Binance’s announcement of the PEPPER token airdrop. This airdrop offers exciting rewards to CHZ holders, resulting in a 13% price surge to $0.07227. As of now, the Chiliz market cap has surpassed $650 million.
Chiliz Price Rallies Ahead of PEPPER Airdrop
Binance will begin taking snapshots for the PEPPER airdrop on Thursday, October 10, with three more snapshots scheduled for the rest of the month. To qualify for the airdrop, users must hold at least 100 CHZ in their wallets, including funding, spot, and margin accounts. For every 150 CHZ held, users will receive 1,000 PEPPER tokens.
These snapshots will occur between October 10 and October 31, 2024. Eligible CHZ balances in certain accounts will qualify for the airdrop, while borrowed tokens are excluded. The distribution of PEPPER tokens will be completed in one batch after the snapshots are done. Although Binance is supporting the airdrop, the listing of PEPPER on the platform is subject to the usual review process.
PEPPER: The First Meme Coin on the Chiliz Blockchain
PEPPER will become the first meme coin on the Chiliz Blockchain, although its utility and purpose remain unclear for now. Developed by the community, it is designed to “take the reins and ride.” This airdrop is part of a broader trend, as crypto airdrops continue to be in demand, with several other airdrops expected in October on platforms like Telegram.
Chiliz Price Breaks Resistance, Eyes Further Gains
Chiliz has broken through key resistance levels, turning $0.0715 from resistance into support. According to Coinglass data, open interest for CHZ has surged by 58.45% to $69.39 million. Additionally, short liquidations have reached $621,000 in just 24 hours.
In August 2024, CHZ rebounded from $0.043 to surpass $0.07. The token has now moved above the 50-day and 100-day Exponential Moving Averages (EMAs), signaling a potential bullish trend. If this momentum continues, the next key level to watch is $0.084, which was the lowest swing price on April 13.
