Crypto.com’s Cronos erases Trump pump gains, community questions demand

Cronos, the cryptocurrency of Crypto.com’s Cronos Chain, has faced major selling pressure since the Trump Media Group CRO Strategy launch. Following initial excitement, the token plummeted to below $0.19, nearing pre-announcement levels. The market cap has decreased by over $6 billion, dropping Cronos out of the top 30 cryptocurrencies, with a current market cap of $6.6 billion. Community sentiment is mixed, with some expressing skepticism about demand and others attributing the decline to a broader market sell-off, suggesting that the entire crypto market is under pressure. Crypto.com CEO Kris Marszalek has not publicly addressed the price drop but tweeted support for a stablecoin initiative involving CRO. There are concerns about regulatory approval from the SEC regarding the CRO Strategy, as investigations into over 200 companies announcing crypto treasuries are underway, adding to investor uncertainty.

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