One year after Crypto.com’s Matt Damon commercial, CRO surpassed Bitcoin
The infamous Matt Damon, Fortune Favors the Brave ad for Crypto.com reached its first birthday this week. A Reddit user, u/gnarley_quinn, compiled a list of the key Crypto.com ad campaigns since the Matt Damon ad launched in October 2021 and adjusted it with the price of the original CRO token.
When the Matt Damon ad first aired, the cost of CRO was $0.21. Less than two weeks later, when Crypto.com announced the purchase of the naming rights to the Staples Center, it had risen to $0.35. By November 24, it had risen to just under a dollar to reach an all-time high of $0.97. Investors who bought on the hype day and sold at the peak made a 360% return.
However, CRO has not broken a dollar as it has been in freefall since November 2021. The token followed the rest of the crypto industry as it fell through Q1 2022. When Crypto.com announced that they had pulled out of their Champion’s League sponsorship in February CRO had already fallen 51% to just $0.47.
The token had fallen to $0.42 in March when the exchange announced it would sponsor the 2022 FIFA World Cup. The announcement did not help boost the token’s value, and in May it began reducing rewards for users of its Crypto.com rewards card. Rewards were cut again in the following months, along with layoffs of over 200 employees.
Although the price of the CRO token is not necessarily directly linked to the success of the exchange, it is undoubtedly an indication of public sentiment. The current price is around $0.11, which is a decrease of 47%.
According to data from Coinpaprika, the trading volume on Crypto.com reached $3.8 billion in November 2021. Currently, the figure is only $273 million, a decrease of 93%. The exchange’s estimated real volume, which removes wash trades, is estimated to be even lower at $160 million.
As u/gnarley_quinn pointed out, investing in Bitcoin when the Matt Damon commercial aired would have resulted in a loss of around 60%. Therefore, while the volatility of CRO has been high, the drawdown was 13% less than that of Bitcoin over the same period.
I constructed a timeline of key events for Crypto .com since the release of the commercial. Here’s how the token has fared since that day. from CryptoCurrency
