Crypto.com is “the world’s fastest-growing crypto app.” At the end of June 2021, it was worth just US $0.091. Now it’s sitting at US $0.76, and appears to be on a zero eating mission. But is now a dumb place to jump on in? Is Crypto.com Coin (CRO) going to keep increasing in price or is it better to wait for a pull back? Or could it crash completely?
First, let’s understand a little more about what Crypto.com is. Crypto.com, as we mentioned, calls itself the world’s fastest-growing crypto app, which allows you to buy crypto at true cost. It’s essentially a platform for buying and selling crypto, like Binance or CoinSpot. Though some people have found it too slow to deposit funds and moved onto other crypto trading apps, others really believe in it and love it. Especially the app’s coin: CRO.
Crypto.com Coin (CRO) is the native token of the Crypto.com Chain – a tool created to build a network of crypto projects, and develop companies’ ability to accept crypto as a form of payment. The Crypto.com chain aims to make the transaction flows between crypto users and merchants easy, cost-efficient and safe. The driving idea is to let people do more with their crypto than just hold onto it.
Basically, Crypto.com Coin is the coin of a promising crypto payment system (which is admittedly currently being ballooned by hype).
Its native coin (CRYPTO: CRO) has been surging like crazy lately, with the surge placing CRO as the 13th-largest cryptocurrency by market capitalization, just below Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB), in the 11th and 12th spots, respectively (at the time of writing).
This week’s skyrocketing continues a trend of strong momentum from last week, when Crypto.com payed US $700 (AU $969) million to put its name on the Staples Center in Los Angeles (home of the Los Angeles Lakers) for the next two decades – the largest-ever naming rights deal in history, which sent its price increase on even more of an upward tear.
Although the hallowed NBA ground (The Staples Center) won’t officially be called “Crypto.com Arena” until Christmas Day, when the transition happens millions of eyes will be on it, as the arena will be hosting one of the most-watched games in basketball on that day. Talk about shining a spotlight on a brand.
Such a huge naming-rights deal could be seen as a giant liability (for those prone to jump at risk), and something investors could find nerve-wracking in another context. But for now, it seems to have paid off, with the surging crypto market seeming to reward big ballsy maneuvers like this right now (though time will tell if it pays off in the long run).
Bloomberg reported today that the agreement has “paid for itself” as Crypto.com Coin has surged so hard.
Image: Crypto.com Coin price chart, from April 2019 to October 2021.
But is now a silly time to buy some Crypto.com Coin (CRO)? Are you better off waiting for a dip? Or is it going to go so wildly further up that it doesn’t even matter?
There are a variety of perspectives on this. Though we recommend you never invest more than you can afford to lose in any crypto, one of the things that gives bulls optimism for Crypto.com Coin is that there is more of a tangible use case to Coin.com Coin than there is for meme coins like Shiba Inu or Dogecoin, which function almost exclusively off hype (despite people like Mark Cuban and Elon Musk shooting the breeze about meme coins maybe becoming payment systems).
Crypto enthusiast Marvin Sandoval, who has a TikTok account with 7,517 followers, and who recently posted a video claiming he “doesn’t recommend meme coins” (and who claims not to own any CRO) recently posted a video in which he shared his thoughts about Crypto.com Coin.
Watch Marvin Sandoval share his thoughts on buying CRO now – and whether or not he thinks it’s too late
He says he uses Crypto.com to trade and claims it’s a user-friendly platform (and says they are working on a bunch of NFTs).
“I do think Crypto.com is going to do very well,” Marvin said. “Personally I don’t think I know enough to personally own Crypto.com [coin]. I do think it will continue to run. Maybe wait for a small pullback like it did the other day, but this one is on an absolute tear and if you’re in it congratulations.”
Other crucial info for CRO-curious investors about Coin.com and its coin (CRO) can be found on The Motley Fool. The Motley Fool reported on Monday: “Cryptocurrencies such as the CRO token remain highly speculative. The fact that this naming rights deal has boosted the value of CRO by more than 70% over the past week alone is incredible. Should Crypto.com have another week like this, it’s entirely possible this token could surpass Dogecoin and Shiba Inu in value by next week.”
“Investors in the crypto space appear to be valuing cryptocurrencies in accordance with the value their underlying networks can provide users. The hope is that this naming rights deal will result in a surge of activity on the Crypto.com platform. Time will ultimately tell how successful this deal is in creating value.”