Chiliz Celebrates PEPPER Token's 1-Year Anniversary with Rewards and Upgrades

Chiliz, the sports blockchain behind CHZ and Socios.com, is celebrating PepperFest's first anniversary with rewards, contests, and a major community burn. The campaign features a surprise airdrop for stakers, a "raid-to-earn" event, and a community-driven burn that could remove up to 1 trillion PEPPER from circulation. CHZ price is trading near weekly lows at $0.0393, with a 24-hour range of $0.0391-$0.0421 and trading volume near $88M. The success of the campaign and the Snake8 upgrade on October 14 could impact CHZ's performance.

Chiliz, the sports blockchain behind CHZ and Socios.com, is marking the first anniversary of its community token, PEPPER, with an eventful campaign called PepperFest. Running from October 10 to October 24, the campaign features a surprise airdrop for stakers, a "raid-to-earn" event, creator bounties paid in CHZ, and a community-driven burn that could remove up to 1 trillion PEPPER from circulation PepperFest Hits 1 Year Anniversary: How High Will CHZ Price Climb in Q4^[1].

The campaign kicked off with a 4 trillion-token airdrop for users already staking PEPPER. Over the next two weeks, participants will be rewarded for engagement through "raids" and creator challenges. One hundred creators will each earn 500 CHZ for their content, while engagement on official PepperFest posts, likes, reposts, and comments will fuel a rolling token burn capped at 1 trillion PEPPER PepperFest Hits 1 Year Anniversary: How High Will CHZ Price Climb in Q4^[1].

The timing of PepperFest coincides with the launch of the Snake8 upgrade on October 14, which aims to enhance fairness and competition among validators by altering the selection mechanism PepperFest Hits 1 Year Anniversary: How High Will CHZ Price Climb in Q4^[1]. This upgrade could potentially improve network performance for builders and validators, which could positively impact CHZ's performance.

The CHZ price is currently trading near weekly lows at $0.0393, with a 24-hour range of $0.0391-$0.0421 and trading volume near $88M. Despite the recent dip, momentum indicators suggest a potential bullish inclination, with the LWTI (momentum indicator) showing a buildup in buying power . If CHZ can break above the resistance of $0.049, the next potential upside could be around $0.066 and $0.088, corresponding with the highs at the beginning of 2025.

The success of PepperFest and the Snake8 upgrade will depend on factors such as the final burn count by October 24, the number of users participating in raids and bounties, and the impact of the upgrade on network performance. Broader market trends, including Bitcoin's swings and global headlines, will also continue to shape risk sentiment across the crypto market.