CHZ Price Spikes 7%: CME Introduces New Metaverse Reference Rates

• On Thursday, the value of CHZ, the token that powers the sports and entertainment-focused Chiliz blockchain Socios, spiked by 7%.
• The pump was triggered by the announcement of the CME that they are introducing new Metaverse Reference Rates and new Real-Time Indices for Axie Infinity, Chiliz and Decentraland.
• Despite the recent pump, CHZ is still down over 60% from its November highs.

The cryptocurrency Chiliz (CHZ) experienced a surge in value on Thursday, with its price increasing by 7% to reach $0.1115. This pump was triggered by an announcement from the CME Group, who revealed that they are introducing new Metaverse Reference Rates and new Real-Time Indices for Axie Infinity, Chiliz and Decentraland. This will allow investors to track pricing data more easily, using techniques borrowed from the traditional financial industry.

The Chiliz blockchain Socios is a platform that enables users to participate in the governance of their favorite sports brands. The addition of the new Metaverse Reference Rates and Real-Time Indices is a positive development for CHZ, as it will give the cryptocurrency greater legitimacy as a real financial asset, potentially encouraging more investors to add it to their portfolios.

Despite the recent pump, CHZ is still down over 60% from its November highs, when it was trading in the $0.2950 area. This is mainly due to the spectacular collapse of Sam Bankman-Fried’s FTX/Alameda empire, which caused the value of CHZ to plummet.

The introduction of the CME’s new Metaverse Reference Rates and Real-Time Indices is a positive development for CHZ, but the cryptocurrency will need to experience more significant gains in order to recover from the losses incurred in November and December 2022. Investors looking to add CHZ to their portfolios should take into account the risks associated with the cryptocurrency, as any further drops in value could negate the gains made on Thursday.