CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
Coinspeaker
CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
Cronos (CRO), the native token of Crypto.com exchange’s Cronos Chain, recorded an impressive price surge following a partnership with President Donald Trump’s Truth Social.
On March 24, Crypto.com joined forces with Trump Media’s social platform “to launch a series of” crypto-backed exchange-traded funds (ETFs) and exchange-traded products (ETPs). This will reportedly include investment products connected to Bitcoin BTC $87 159 24h volatility: 0.2% Market cap: $1.73 T Vol. 24h: $31.23 B and CRO.
Thanks to the announcement, the Crypto.com-affiliated CRO token’s price reached a local high of $0.115 earlier today. Despite a slight pull-back, CRO is still up 30.3% in the past 24 hours and is trading at $0.107 at the time of writing.
The partnership with Truth Social comes a few days after the exchange’s revenue report. On March 19, Crypto.com CEO Kris Marszalek posted on X that the company generated $1.5 billion in revenue in 2024.
However, the criticism from the crypto community heated again.
Who Brings Back 70B Tokens? Crypto.com, Obviously
In 2021, Crypto.com burned 70 billion CRO tokens, 70% of its total supply, in an attempt to increase the value of the remaining assets.
On March 2, Cronos announced a proposal for minting 70 billion CRO for its “Cronos Strategic Reserve. The suggestion has already been approved with over 62% of yes votes.
This triggered massive criticism from the crypto community since the exchange allegedly had excessive voting power. Moreover, the mint will consequently decrease the value of the CRO circulating supply.
On-chain sleuth ZackXBT slammed the exchange for its plans of bringing back 70% of the CRO supply.
Some of the community members discussed that Crypto.com could use its revenue to accumulate some of CRO’s existing circulating supply instead of printing new tokens to help boost the asset’s value.
CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
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CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
Coinspeaker
CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
Cronos (CRO), the native token of Crypto.com exchange’s Cronos Chain, recorded an impressive price surge following a partnership with President Donald Trump’s Truth Social.
On March 24, Crypto.com joined forces with Trump Media’s social platform “to launch a series of” crypto-backed exchange-traded funds (ETFs) and exchange-traded products (ETPs). This will reportedly include investment products connected to Bitcoin BTC $87 159 24h volatility: 0.2% Market cap: $1.73 T Vol. 24h: $31.23 B and CRO.
Thanks to the announcement, the Crypto.com-affiliated CRO token’s price reached a local high of $0.115 earlier today. Despite a slight pull-back, CRO is still up 30.3% in the past 24 hours and is trading at $0.107 at the time of writing.
The partnership with Truth Social comes a few days after the exchange’s revenue report. On March 19, Crypto.com CEO Kris Marszalek posted on X that the company generated $1.5 billion in revenue in 2024.
However, the criticism from the crypto community heated again.
Who Brings Back 70B Tokens? Crypto.com, Obviously
In 2021, Crypto.com burned 70 billion CRO tokens, 70% of its total supply, in an attempt to increase the value of the remaining assets.
On March 2, Cronos announced a proposal for minting 70 billion CRO for its “Cronos Strategic Reserve. The suggestion has already been approved with over 62% of yes votes.
This triggered massive criticism from the crypto community since the exchange allegedly had excessive voting power. Moreover, the mint will consequently decrease the value of the CRO circulating supply.
On-chain sleuth ZackXBT slammed the exchange for its plans of bringing back 70% of the CRO supply.
Some of the community members discussed that Crypto.com could use its revenue to accumulate some of CRO’s existing circulating supply instead of printing new tokens to help boost the asset’s value.
CRO Rallied 30% After Partnership with Truth Social But Slammed for Bringing 70B Tokens
Read More
FTX Unstaked 186K SOL: Is Another Selloff Coming?