Crypto.com’s Cronos token hits a 6-month low as the price crashes even further. It is trading at $0.28 after the recent crypto reward fiasco happened. Users are pissed at the platform, and this has translated into a significant fall in their native token. The current sentiment on Reddit suggests that it is going to take a long time for recovery to take place.
What happened?
Crypto.com has introduced its Visa cards a whole back, which offer cashback rewards on usage. While the initial offerings were attractive and got in a whole lot of users, the exchange has made some major changes in the reward structure recently. They are slowly going to remove the staking rewards for the visa card and lower the Cronos rewards to $25 or $50, depending on the card.
Those who have staked their Cronos token before 1st May will continue to get rewards for the next 6-months, but from now on, the option won’t be available. This had a major impact on the users of crypto.com, and the price took a downturn.
The all-time high of the Cronos token is 96 cents which means the current prices are almost 75% below the ATH. Now, this can be looked at in two days, first is an opportunity as the platform is one of the largest globally. But secondly, caution must be exercised as the current sentiment is really negative, and you might not want to get into an investment users are bashing so severely.
About Crypto.com
Crypto.com is a cryptocurrency exchange that offers trading, investment, staking, wallets, NFTs, and other services. This exchange provides over 250 different currencies, moderate fees, and discounts for individuals who own a considerable amount of Cronos. Its ecosystem of crypto-related items may make it an appealing option for people wishing to do a lot with their coin.
Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo launched the firm as “Monaco” in 2016. Following the purchase of a domain held by cryptography researcher and professor Matt Blaze, the firm was renamed Crypto.com in 2018. The domain was valued at between $5 and $10 million by domain sellers.
What are your thoughts as Crypto.com’s Cronos token hits 6-month low? And do you think the coin will be able to recover from the negativity surrounding it? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
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