Crypto.com ($ CRO) Staples Center rally continues, latest 27% increase defining new ATH

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On Sunday, November 21, the price of Crypto.com Coin ($ CRO), the native token of the Crypto.com chain, jumped more than 27%, reaching a new high of 0.7439 at 5:12 p.m. UTC on FTX.

What is $ CRO?

According to the crypto exchange Crypto.com, which was founded in June 2016, Crypto.com Coin ($ CRO) is the native token of the Crypto.com chain:

The Crypto.com chain was created to create a network of cryptocurrency projects and develop the ability of traders to accept crypto as a form of payment. The Crypto.com chain is a high performing native blockchain solution, which will make transaction flows between crypto users and traders accepting crypto transparent, profitable and secure.

Businesses can use Crypto.com Pay Checkout and / or Invoice to enable customers to make payment and pay for goods and services with cryptocurrencies using the Crypto.com Wallet app. Businesses receive all of their payments instantly in CRO or stable coins, or fiat. CRO is now available on DeFi Swap.

Users can trade CROs, be CRO liquidity providers to earn fees, and increase their return up to 20 times when staking CROs.

Price action $ CROs

According to data from TradingView, currently (at 6:40 p.m. Nov. 21), on FTX, the $ CRO is trading around $ 0.7199, up 27.61% in the past 24 hours.

At around 04:30 UTC on November 17th, $ CRO was trading around $ 0.3828 on FTX. Less than an hour later, the Singapore-based centralized exchange Crypto.com announced that Staples Center, one of America’s most iconic sports arenas, would be renamed Crypto.com Arena, following a new sponsorship agreement (estimated at around $ 700 million).

Staples Center is owned and operated by Arturo LA Arena Company and Anschutz Entertainment Group (AEG); it is home to the Los Angeles Kings of the National Hockey League (NHL), as well as the Los Angeles Lakers and Los Angeles Clippers of the National Basketball Association (NBA) and the Los Angeles Sparks of the Womens National Basketball Association (WNBA).

The Stapes Centers press release said that Crypto.com and AEG signed a landmark 20-year naming rights agreement that renames Staples Center to Crypto.com Arena on December 25 and makes Crypto.com an official partner of the Los Angeles Lakers and Kings of LA cryptocurrency platform.

The press release went on to say that AEG and Crypto.com will unveil the new logo and other brand assets, including internal signage for the new Crypto.com Arena on Christmas Day, when the Los Angeles Lakers will host the Brooklyn Nets. All exterior signage on sites will be replaced by June 2022.

He also reminded everyone that each year the world-class venue hosts over 240 major high-profile events of national and international distinction and over 4 million guests with events ranging from professional sports, concerts, discounts awards, boxing, and special events including the GRAMMY Awards, NBA All-Star Games, and NHL All-Star Games, among others.

Crypto.com Co-Founder and CEO Kris Marszalek said this:

Known as the Creative Capital of the World, the City of Los Angeles and its people have always been pioneers, pushing boundaries and innovating as undeniable global leaders in culture and entertainment. We were very excited to partner with AEG and invest for the long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways. so that cryptocurrency can power the future of sports, entertainment and the world class. technology for fans in LA and around the world.

Since that announcement, the $ CRO price has seen an impressive rally. At 5:12 p.m. UTC, when the $ CRO posted its new all-time high, the price of the $ CRO had jumped 94.33%.

On Friday, November 19, CNN International presenter and correspondent JuliaChatterley had an interview with Crypto.com CEO Kris Marszalek, in which he predicted that by 2022 his exchange would have a global user base of a billion people.

Earlier today, analytics firm Santiment correctly noted that the main reason for $ CRO’s major breakthrough this weekend is likely the incredible amount of publicity Crypto.com has received as a result of the agreement with Staples Center.

On November 17, Jason Yanowitz, co-founder of Blockworks, beautifully summed up in a tweet the incredible accomplishments of Crypto.com’s billion dollar marketing campaign:

Crazy to watch @cryptocom run a billion dollar sports marketing campaign.

1) PSG $ 30m 3yr

2) UFC $ 175 million 10 years

3) Formula 1,100 million dollars 5 years

4) 76ers $ 10 million 6 years

5) Montreal Canadiens logo in the center of the rink

6) Serie A partnership

And now a 20-year, $ 700 million contract with LA stadium. pic.twitter.com/dL1RlNgZM9

Yano (hiring!) (@JasonYanowitz) November 17, 2021

Here’s what the Santiments blog post said about the $ CRO price action:

Overall, very good price action from CRO after consolidating for months. However, he is likely to calm down before the next race.

On-chain / social metrics also indicate that a number of FOMO people are present and will likely act as sales pressure if things go wrong.

Disclaimer

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.

Image credit

Featured Imageby 12019 viaPixabay

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