If there was one native token among the top 20, which was trading in the red as of writing, it was CRO token of Cronos network. Though some bold investors might believe in ‘buying the dip’, it may be a risky strategy, particularly in the hyper-volatile cryptoverse.
Before we learn more about the recent dip in the price of Cronos crypto, let’s know a little about what it is all about.
Crypto.com and Cronos
Crypto.com is an exchange for cryptoassets. Earlier this year, critically-acclaimed Hollywood star Matt Damon suffered backlash from some quarters when he appeared in an endorsement for Crypto.com. In March, it was announced that the platform would be an official sponsor of the FIFA World Cup 2022.
Cronos is said to be an open-source blockchain network and a part of the wider Crypto.com ecosystem. According to the official Cronos website, the network can be used to port decentralized apps (DApps) from Ethereum and other EVM networks. Similar to the blockchains of Solana, Cardano and other so-called Ethereum killers, Cronos also claims to be faster and cheaper in comparison to Ethereum.
It is said that Crypto.com’s payments app uses Cronos’ chain. Cronos is inviting blockchain developers to use its services and deploy DApps.
CRO token is used to pay fee within Cronos’ network, besides having use in staking.
At the time of writing, while BTC and ETH had gained in the past 24 hours, CRO crypto had lost over 10 per cent. This dip took Cronos crypto’s year-to-date (YTD) loss to over 45 per cent, which is more than BNB, a token linked to another popular exchange Binance.
For most of 2022, CRO token has remained subdued, and the price is now close to US$0.3, its lowest level in 2022. Though the project has features like Crypto.com Visa card, which gives away CRO token as rewards, the crypto has not been able to grow investors’ wealth this year.
Crypto.com is set to be an official sponsor of one of the biggest sporting events this year. Matt Damon has featured in an advertisement promoting the platform, but all this has not translated into CRO token’s price appreciation this year. Crypto.com, which uses Cronos blockchain, also provides visa cards. Such a comprehensive cryptocurrency ecosystem of Crypto.com, however, has yet to make CRO token a top five or top 10 cryptoasset by market cap.
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