CRO

Why I Stacked CRO on the Dip

By Decentralized Bank | The Bank | 5 May 2022


CRO

So, you are all probably aware of the huge dip that CRO just went through. CRO, or Cronos, is the Ethereum token that powers Crypto.com. Crypto.com is of course the crypto exchange that went hard on marketing, to become a "staple" in the crypto world. This is a lame attempt at a pun, since Cypto.com bought the naming rights, supplanting LA's Staples Center as the Crypto.com Arena. They also brought on Matt Damon to become their public face. 

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In addition to their exchange, they offered one of the best crypto rewards cards in the market. I have been a beneficiary of their high rewards and staking benefits. But that has all changed. The Crypto.com card slashed the rewards and staking rates, sapping the power of the card. This predictably led to CRO crashing in price, but also opened up a buying opportunity.

Though Crypto.com screwed over their users, they are here to stay. Some speculated that the move was a desperate ploy to lower their costs. While this may be true, it probably was part of their plan. Yes, CRO's value took a huge hit, but the company as a whole is still strong. CRO is tied to the strength of the company and Crypto.com's move was a power play.

The truth is, while a decent amount of users may leave, the bulk of users are not going anywhere. Crypto.com is more than just the rewards card and they have become a staple in the crypto world. It seems that they did not make their cuts because they couldn't afford to pay out, but because they could afford to take the hit. In the long run, this will only make Crypto.com a stronger company. While it stinks for me as a user, not all is lost.

Thinking that the value of CRO will eventually come back up, I stacked up on CRO and filled my bags. This has already proved the wise move as CRO's price has been increasing after the sharp drop. To be clear, I am under no illusions that CRO will be hitting $1 any time soon. I once thought that, after hearing that they bought the naming rights for the Staples Center. That's not happening in the near future. However, there's still ways to make bank from the dip. 

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Decentralized Bank
Decentralized Bank

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