The notorious Matt Damon, Fortune Favors the Courageous advert for Crypto.com reached its first birthday this week. A Reddit consumer, u/gnarley_quinn, compiled a list of the numerous Crypto.com promoting campaigns for the reason that Matt Damon commercial 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 underneath a greenback to succeed in an all-time excessive of $0.97. Traders who purchased on the day of the industrial and bought 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 business 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 alternate introduced it might sponsor the FIFA World Cup in 2022. The announcement failed to assist invigorate the token’s worth, and in Might, 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 workers.
Whereas the worth of the CRO token will not be essentially immediately linked to the alternate’s success, it’s undoubtedly a sign of public sentiment. The present worth is round $0.11, which is a decline of 47%.
In keeping with information from Coinpaprika, the buying and selling quantity on Crypto.com reached $3.8 billion in November 2021. Presently, the quantity sits at simply $273 million, a decline of 93%. The alternate’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%. Due to this fact, whereas the volatility of CRO has been excessive, the drawdown was 13% lower than that of Bitcoin over the identical interval.