Looking at the data, speaking about reality. $CHZ's performance around the World Cup is arguably the most textbook example of an "event-driven" phenomenon in the crypto market. Let's thoroughly review these two cycles.

**2018 Russia World Cup — The Underdog's Crazy Surge**

Four months before the event (mid-February), nobody paid attention to CHZ. The price stayed at a low of $0.008, with a market cap of only $32 million, and daily trading volume around $2 million. The ecosystem was even more barren, with few partner clubs and virtually no ecological support.

But as the final approached, the sentiment changed completely. In mid-July, the price hit a high of $0.036, a 350% increase over four months. The market cap expanded to $180 million, and daily trading volume increased fourfold. It looked glorious.

But reality? As soon as the event ended, the hype vanished instantly. Within three months, the price plummeted 85%. That’s it. Purely an emotional game — quick to rise, quick to fall.

**2022 Qatar World Cup — Ecosystem Improved, but Still Not Enough**

By 2022, CHZ was no longer an unknown project. Four months before the event (mid-July), the price was already at $0.10, with a market cap of $400 million — 12.5 times the same period four years earlier. This time, trading volume soared to $120 million, with over 40 partner clubs, and the Socios platform gained 270,000 new users. The ecosystem was taking shape.

So, could it be different this time? At the peak of sentiment in November, the price reached $0.266, a 166% increase. The numbers look good, but the question is — **the growth was only half of 2018’s**. Why? Because the market size is bigger, and it’s harder to move. Liquidity and participant structure have changed.

What’s even more severe is what happened afterward. The FTX collapse and the event’s impact hit together, with a 65% correction within three months. Although there was ecological support, unlike four years ago, the price didn’t crash to zero. But the problem was exposed — the project lacked a sustainable revenue stream and genuine compliant cash flow support. In the end, it still fell into the cycle of "buying the hype, selling the reality."

**Conclusion**

From these two cycles, we see that event-driven hype can indeed ignite the market in the short term. But if you rely solely on hot topics, you will eventually hit a wall. No matter how mature the ecosystem, without sustainable value creation and revenue mechanisms, it’s only delaying the decline and cannot change the overall trend.