Crypto.com recently rebranded its CRO utility token to Cronos, as part of the chain’s decentralization. Despite the recent rebranding and allocation of $2 million in Crypto.com token staking reward, Cronos continued its downward trend.
Crypto.com reveals new staking program, offers free NFTs and returns of up to 52%.
On February 18, Crypto.com announced the renaming of its native CRO token from “Crypto.org coin” to Cronos. The stock Exchange announced that this name change reflects the decentralized nature of the token.
Crypto.com claims that Cronos blockchain delivery is faster than Ethereum mainnet transactions, providing a better opportunity for the growth of dApps and smart contracts on the blockchain. See the article: Investors are backing Salad Ventures, a gaming and income giant, with a $13.5 million commitment.. Crypto.com’s share price posted losses of 17% over the past week, and the rebranding failed to prevent further declines in the utility token.
Crypto.com has launched a new program, “Bitcoin Supercharger 10x bonus booster, following rebranding exercise”. The exchange allocated $2 million for rewards and invited users to stake Cronos and earn bitcoin rewards. Crypto.com has offered up to 52% return to investors in this program.
The promoters expected the event to act as a bullish catalyst for the price of Cronos. The token suffered a drop to $0.41 over the weekend.
Central Charts analysts assessed the Cronos price trend and predicted a continuation of the downward trend. As Cronos price breaks every support, the downtrend is further confirmed. In the short term, analysts have a bearish view on the price of Cronos and set a target of $0.33 for the token
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