What’s Next For Crypto Cronos As It Drops 10%? – Tech Tribune France

If there was one native token among the top 20, which was trading in the red at the time of writing, it was the Cronos Network CRO token. Although some bold investors may believe in “buying the dip,” it can be a risky strategy, especially in the hyper-volatile cryptoverse.

Before we learn more about the recent drop in the Cronos crypto price, let’s know a little about what it is.

Crypto.com and Cronos

Crypto.com is a crypto-asset exchange. Earlier this year, critically acclaimed Hollywood star Matt Damon faced 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 2022 FIFA World Cup.

Cronos is said to be an open-source blockchain network and part of the wider Crypto.com ecosystem. According to the official Cronos website, the network can be used to transfer decentralized applications (DApps) from Ethereum and other EVM networks. Similar to blockchains from Solana, Cardano, and other so-called Ethereum killers, Cronos also claims to be faster and cheaper compared to Ethereum.

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The Crypto.com payment app is said to use the Cronos chain. Cronos invites blockchain developers to use its services and deploy DApps.

CRO token

The CRO token is used to pay fees within the Cronos network, in addition to being used for staking.

At the time of writing, while BTC and ETH have gained in the past 24 hours, the CRO crypto has lost over 10%. The drop took Cronos crypto’s year-to-date (YTD) loss to more than 45%, which is more than BNB, a token tied to another popular exchange Binance.

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For most of 2022, the CRO token has remained subdued and the price is now close to $0.3, its lowest level in 2022. Although the project has features such as the Crypto.com Visa Card, which gives the CRO token as a reward, the crypto has not been able to grow the wealth of investors this year.

At the end of the line

Crypto.com is set to be an official sponsor of one of the biggest sporting events this year. Matt Damon was featured in an ad promoting the platform, but not all of that translated into price appreciation for the CRO token this year. Crypto.com, which uses the Cronos blockchain, also provides visa cards. However, a cryptocurrency ecosystem as comprehensive as Crypto.com has yet to make the CRO token one of the top five or top 10 cryptoassets by market capitalization.

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What’s Next For Crypto Cronos As It Drops 10%? – Tech Tribune France

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