Premier League giant Manchester City has partnered with tokenization platform Socios.com to launch a new $CITY token on the Chiliz blockchain, which offers fans the ability to claim VIP rewards, club promotions, AR-enabled features, and votes in upcoming club polls on Socios.com.
This news drove up Socios and $CHZ social signal score to 86k ATH.
Socios.com is a dapp to bring fans closer to their clubs, let them vote on club matters and reward them for their participation.
The new $CITY tokens are Fan Tokens, the cryptocurrency assets that represent your ownership of a voting right. They allow you to vote in every single poll the club or team publishes on the app and allow you to earn unique club-specific rewards and experiences. All Fan Tokens are fungible like other cryptocurrencies. They can be exchanged for other ‘goods’, such as VIP experiences, exclusive merchandise, tickets etc. You can also trade them in the marketplace for profits.
You can buy Fan Tokens with $CHZ and this is the only way to get Fan Tokens. $CHZ is the native cryptocurrency on the Chiliz blockchain.
So if you want to do fundamental analysis for $CHZ, you will need to check the on-chain data of Socios.com. It will give you basic knowledge of whether there are more users using Socios.com dapp or whether they are doing transactions.
So how is Socios.com’s on-chain performance recently?
It ranks No.1 in all social dapps by 30d active users. Socios.com’s user amount has a sharp increase of 186.25% in the past 30 days, hitting 265.04K. The 30d transactions reach 611.96K with a 28.17% growth.
We can see the whole trend that Socios.com’s user amount and transaction amount have sharply increased in the past 90d, so as to the $CHZ token price. $CHZ went up 954.2% in the past 30 days. (Volume data is 0 because all the Fan Tokens do not have token prices on Coingecko).
Users need to use Fan Tokens to join the sports teams’ voting activities on Socios.com. So the logic is when more and more users use Socios.com, it tends to have more users own Fan Tokens through $CHZ. Remember that $CHZ is the only way to buy Fan Tokens right?
Now you have got the basic analysis method for $CHZ, do check Socios’s on-chain data frequently to keep yourself updated.
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