Hyperliquid News Today: Whale Selloff, Fading Hype Overshadow MEXC's CHZ Push

Chiliz (CHZ) faces a bearish outlook as whale activity and declining social media engagement signal fading market interest. The token, trading near $0.032 as of Thursday, has been rejected from key resistance levels, with on-chain data revealing a significant reduction in whale holdings.

Santiment's Supply Distribution metric shows whales holding between 100,000 to 1 million and 10 million to 100 million CHZ tokens have offloaded 101.54 million tokens since Sunday, amplifying selling pressure, according to a FXStreet report. Concurrently, the Social Dominance index for CHZ plummeted from 0.124% to 0.054% in a single day, reflecting a sharp drop in community discussions and investor focus, the same report notes.

Technical indicators further underscore the bearish trend. CHZ's price rejection at the 50-day Exponential Moving Average ($0.034) and its current RSI reading of 48 suggest weakening momentum. Bears are now targeting the $0.025 support level, with a potential 19% decline from current levels if the downward trajectory persists, as FXStreet reports. Meanwhile, Bybit's Lazarus Security Lab highlighted centralization risks for CHZ and other blockchains, noting hardcoded fund-freezing capabilities in some networks. This raises concerns about governance vulnerabilities, potentially deterring institutional adoption, the report adds.

Amid the bearish sentiment, the MEXC exchange has launched a $1 million "CHZ Frenzy" campaign to boost the token's profile. The initiative, running through December 11, 2025, offers zero trading fees, staking rewards of up to 400% APR, and exclusive prizes like the iPhone Air and AirPods Max, according to CoinEdition. While such promotions often drive short-term volume, analysts question whether they can offset broader market weakness. "Marketing campaigns can create noise, but sustained price recovery requires fundamental shifts in whale behavior and institutional interest," noted a crypto strategist, as reported by CoinEdition.

A separate development could indirectly influence CHZ's trajectory: Apollo Global's $2.55 billion acquisition of Atlético Madrid. The sports investment, the first major deal for Apollo's new sports fund, ties the club to CHZ via its official ATM fan token on the Chiliz ecosystem, as reported by Blockchain. While the direct impact on CHZ remains uncertain, the deal underscores growing institutional interest in sports-related crypto projects. "If Apollo's investment spurs renewed activity in fan token ecosystems, it could benefit CHZ indirectly," said a blockchain analyst, the Blockchain report states.

The mixed signals highlight CHZ's precarious position. Whale offloading and technical headwinds weigh heavily, yet the MEXC campaign and Apollo's sports investment introduce elements of potential upside. Investors remain cautious, with the token's fate likely hinging on whether institutional flows and market sentiment align in its favor.