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Nazia Saeed
- CRO surges 40% after Trump Media Group’s announcement of a $6.4 billion treasury with Crypto.com and Yorkville Acquisition
- CRO’s market cap surpasses $7.8 billion, but still remains 300% below its all-time peak
- The move sparks mixed reactions, with some supporting the strategic partnership and others criticizing political influence on cryptocurrency prices
Cronos (CRO), the native cryptocurrency of the Crypto.com-backed Cronos Chain, surged to multi-year highs following the announcement of a joint $6.4 billion treasury between Trump Media and Technology Group, Crypto.com, and Yorkville Acquisition.
On Tuesday, the announcement of the Trump Media Group CRO Strategy caused Cronos (CRO) to surge 25%, reaching $0.20 within hours. The price climbed further on Wednesday, surpassing $0.23, marking its highest value since May 2022, according to data from CoinGecko.
This surge in CRO has sparked mixed reactions within the cryptocurrency community. While some holders of CRO were optimistic, others raised concerns about the influence of political figures on the asset’s price movements.
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CRO’s market cap climbs, but still far from all-time highs
As CRO spiked, Crypto.com CEO Kris Marszalek reported that the token had surged 40% following the announcement. Marszalek noted that Trump Media now holds over $1.5 billion worth of CRO under its umbrella, with Trump Media (DJT) shares also seeing a 5% increase.
This news follows nearly four years after the launch of Cronos in mainnet beta in November 2021, marking a significant milestone for the asset.
After breaking the $0.23 mark, CRO’s market capitalization surpassed $7.8 billion, reflecting a 44% gain. Despite this growth, CRO remains significantly below its all-time high of $0.965, recorded shortly after the Cronos mainnet launch in 2021.
Before the Cronos chain launch, CRO was originally known as Crypto.org Coin—an ERC-20 token launched in 2018. In March 2021, Crypto.com transitioned CRO to the Crypto.org Chain, and later, with the launch of Cronos, the token was rebranded in February 2022.
Mixed community reactions
The rally has pushed Cronos to the 28th position in the rankings of the top crypto assets by market capitalization, according to CoinGecko. Some in the crypto community expressed optimism, suggesting CRO “deserves a permanent spot in the top 10.”
However, skepticism remains. Critics pointed out that Cronos canceled a 70 billion token burn originally scheduled for March 2025, despite earlier plans to reduce the supply in 2021.
Additionally, some commentators expressed frustration over the influence of political figures on cryptocurrency price movements. “Now my crypto portfolio is dependent on what some politician says or does. Just what everyone wanted,” one user remarked on X.
