Wednesday, December 6, 2023

Cronos CRO Token Drops 10% To Hit 6-Month Low: Analysis

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The Cronos CRO token drops 10% to hit a 6-month low after the exchange announced some changes to its rewards and staking programs so let’s read more today in our latest altcoin news.

The native token of the exchange, the Cronos CRO token dropped over 10% in 24 hours to hit a six-month low of $0.27 and according to coinMarketcap, the 22nd biggest crypto by market cap lost about 31% of its value in one week. Today’s drop came a day after the exchange announced to its user base of more than 10 million people in 40 countries that it will phase out the staking rewards for the visa Cards and cap CRO rewards at lower rates of $25 and $50 depending on the cards.

cro token
CRO 24-hour Price Chart (Source: Coingecko)

In a blog post, on the website, the cardholders were given the new breakdown of the rewards programs and the exchange explained that the cardholders that staked their CRO tokens will continue to earn the CRO card rewards on pending at current rates until their six-month staking period is over. The other card benefits like Netflix and Spotify remain in place. Since 2021, made a few high-profile investments like the $700 million to purchase the naming rights to the Staples Center 2021 during which time the CRO token saw a new high of $0.96, and the deal was followed by the multi-million dollar Super Bowl Ad with Matt Damon.

The very same month the exchange signed a nine-year deal for the naming rights to the Miami Grand Prix dubbed formula 1 Miami grand Prix. Not deterred by the market downturn, the exchange partnered with the Ultimate Fighting Championship last month to pay the bonuses in BTC to the top three fighters on each UFC Pay-per-view event. The exchange rebranded the CRO token to Cronos and reflected the decentralization of the coin and its growth of the ecosystem.

cro weekly
CRO 7-Day Chart (Source: Coingecko)

The CRO rebranded as the token of the exchange changed its name to Cronos which is a well-known ecosystem already. The token that is native to the and Cronos EVM chains will not see its ticker symbol nor its mechanics change. The platform announced the rebranding in a medium blog earlier today and said that the new name is meant to reflect the decentralization of the coin and the huge growth of the Cronos ecosystem.

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