Crypto.com Coin (CRO) cryptocurrency’s impressive growth is attracting the players’ attention.
CRO is rising by 30% per day against the general market decline and has already moved up to 12th place in terms of capitalization. The coin is up more than 335% in a month and more than 1300% since the beginning of the year.
CRO is the native token of the Crypto.com decentralized cryptocurrency exchange, which has over 10 million users worldwide. The CRO token itself is used to receive discounts on the exchange. But it is difficult to trade it. As a rule, crypto exchanges do not like to add tokens of other exchanges to their listing. But the largest American exchange Coinbase has listed CRO. The cryptocurrency was also added by Bittrex, OKEx, and Huobi Global.
CRO was launched three years ago. But until the end of October 2021, the price growth was moderate. At the beginning of the year, CRO cost a little over $0.06, on October 22 – about $0.19. The active rise of the CRO started with the launch of the Crypto.com ad campaign, featuring Oscar-winning Hollywood actor Matt Damon. The slogan of the campaign is Fortune Favors the Brave and aims to attract widespread attention to cryptocurrency assets. The vision of the exchange team is “Putting cryptocurrency in every wallet”.
As part of the campaign, Crypto.com also acquired the naming rights to The Staples Center in Los Angeles, California, which is home to two popular professional sports clubs, the Los Angeles Lakers and the LA Kings. Starting Christmas, the sports center will be renamed Crypto.com Arena, and the exchange will become the official partner of the stellar teams. The 20-year deal cost the exchange $700 million.
For the first time in the history of the cryptocurrency market, such a wide advertising campaign was carried out, which directly influenced the price of the exchange’s own cryptocurrency. Analysts are trying to determine whether the upside potential of the CRO has already been exhausted or the rally will continue.
Optimists believe that the growth will continue, and the effect of the ad campaign will last after Thanksgiving, at least until Christmas. In doing so, they point to the growth of other native tokens of cryptocurrency exchanges. For example, Binance Coin (BNB) has grown much more dynamically this year. In the first four months, it was up 1,650%, from $37.4 to nearly $691. Later, after correction and consolidation, BNB returned to this price level in the first half of November.
The growth of the Binance cryptocurrency is connected with the regular burning of tokens. Crypto.com also had burnt CRO. A total of 100 billion CROs were put into circulation; 70 billion tokens were burnt this year. There are now 30 billion CRO in circulation.
Skeptics argue that as a result of the advertising campaign, the CRO is now overbought and the price will be corrected. And in the near future, increasing regulation of cryptocurrency exchanges in the United States is awaited, this will also negatively affect their currencies.