Infamous Matt Damon, Fortune Favors the Brave’s Crypto.com ad celebrated its first birthday this week. Reddit user u/gnarley_quinn said list of significant Crypto.com advertising campaigns since Matt Damon commercial Launched in October 2021, aligned with native CRO token pricing.
When the Matt Damon commercial first aired, CROs were priced at $0.21. Then less than two weeks later, when Crypto.com announced the purchase of Staples Center’s naming rights, it had risen to $0.35. By November 24th, it had risen to just under $1 and hit a record high of $0.97. Investors who bought on the day of the commercial and sold at a higher price saw a 360% return.
However, CRO has been in free fall since November 2021, so it hasn’t even broken $1. The token followed the rest of the crypto industry as it fell throughout the first quarter of 2022. CRO was already down 51% to just $0.47 compared to February sponsorship when Crypto.com announced it was pulling out of the Champions League.
The token fell to $0.42 by March when the exchange announced it would sponsor the 2022 FIFA World Cup. This announcement did not help revitalize the value of the token. In the months that followed, more than 200 employees were laid off and salaries were cut again.
The price of the CRO token is not necessarily directly tied to the success of the exchange, but it is definitely an indicator of public opinion. The current price is around $0.11, a drop of 47%.
According to data from coin paprika, Crypto.com’s trading volume will reach $3.8 billion in November 2021. Today, that number is just $273 million, down 93%. Excluding wash trades, the exchange’s estimated real volume is even lower at $160 million.
As highlighted by u/gnarley_quinn, investing in Bitcoin when a Matt Damon commercial airs results in a loss of around 60%. So, despite CRO’s higher volatility, the drawdown was 13% less than Bitcoin over the same period.