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 record of the numerous Crypto.com promoting campaigns because the Matt Damon industrial launched in October 2021 and aligned it with the worth of the native CRO token.
When the Matt Damon industrial first aired, the worth of CRO was $0.21. Lower than two weeks later, when Crypto.com introduced its buy of the naming rights to the Staples Heart, it had elevated to $0.35. By November 24, it had risen to only beneath a greenback to succeed in an all-time excessive of $0.97. Traders who purchased on the day of the industrial and offered on the prime made a return of 360%.
Nonetheless, 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 only $0.47.
The token had fallen to $0.42 by March when the trade introduced it might sponsor the FIFA World Cup in 2022. The announcement failed to assist invigorate the token’s worth, and in Could, it started decreasing rewards for customers of its Crypto.com rewards card. Rewards had been slashed once more in subsequent months, together with layoffs of over 200 staff.
Whereas the worth of the CRO token just isn’t essentially immediately linked to the trade’s success, it’s undoubtedly a sign of public sentiment. The present value is round $0.11, which is a decline of 47%.
In accordance with knowledge from Coinpaprika, the buying and selling quantity on Crypto.com reached $3.8 billion in November 2021. At present, 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 industrial 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 serious occasions for Crypto .com because the launch of that industrial. Right here’s how the token has faired since that day. from CryptoCurrency
