Trading

One year on from Crypto.com’s Matt Damon commercial, CRO outperformed Bitcoin

The notorious Matt Damon, Fortune Favors the Courageous advert for Crypto.com reached its first birthday this week. A Reddit person, u/gnarley_quinn, compiled a list of the numerous Crypto.com promoting campaigns because the Matt Damon commercial launched in October 2021 and aligned it with the value of the native CRO token.

When the Matt Damon business first aired, the value of CRO was $0.21. Lower than two weeks later, when Crypto.com introduced its buy of the naming rights to the Staples Middle, it had elevated to $0.35. By November 24, it had risen to simply underneath a greenback to achieve an all-time excessive of $0.97. Buyers who purchased on the day of the business and bought on the high made a return of 360%.

Nevertheless, CRO has not damaged a greenback because it has been in free fall since November 2021. The token adopted the remainder of the crypto trade because it declined all through Q1 of 2022. When Crypto.com introduced that it had pulled out of its Champion’s League sponsorship in February, CRO had already fallen 51% to simply $0.47.

The token had fallen to $0.42 by March when the trade introduced it will sponsor the FIFA World Cup in 2022. The announcement failed to assist invigorate the token’s worth, and in Might, it started lowering rewards for customers of its Crypto.com rewards card. Rewards have been slashed once more in subsequent months, together with layoffs of over 200 staff.

Whereas the value of the CRO token isn’t essentially immediately linked to the trade’s success, it’s undoubtedly a sign of public sentiment. The present worth is round $0.11, which is a decline of 47%.

Based on information from Coinpaprika, the buying and selling quantity on Crypto.com reached $3.8 billion in November 2021. Presently, the quantity sits at simply $273 million, a decline of 93%. The trade’s Estimated Actual Quantity, which removes wash trades, is estimated to be even decrease at $160 million.

As u/gnarley_quinn highlighted, investing in Bitcoin when the Matt Damon business aired would have resulted in a lack of round 60%. Subsequently, whereas the volatility of CRO has been excessive, the drawdown was 13% lower than that of Bitcoin over the identical interval.

I constructed a timeline of significant events for Crypto .com since the release of that commercial. Here’s how the token has faired since that day. from CryptoCurrency

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