One of the best known crypto companies for its marketing strategies, Crypto.com is not immune to the broader market trend. It is falling further by the day. Despite recent attempts to break through, CRO has failed to outline a sustainable emergence.
Crypto.com is headed in the wrong direction
For the past few days, Crypto.com and affiliate networks have been conducting seductive campaigns to bring more investment into the network.
The rebranding of Crypto.org Coin to Cronos and the continued deployment of Supercharger rewards, as well as the UFC ticket giveaway, are all steps in that direction.
But at its core, the on-chain stats don’t indicate whether fortune really favors the bold, as investors aren’t in the best shape.
The resulting losses have resulted in more than 36% of investors running out of money, while their positions are in losses.
However, the blow was not only suffered by private investors. Whale transaction volumes have also been meager lately. With an average of $10 million – $20 million, the volume of whales has not surpassed $100 million this year except for one time.
The impact of the downtrend after the November rally has brought the average balance at each address down to $211k. It is back to the same level as in February 2021.
Investors have joined the network. However, these new investors have been mostly FOMO-affected who wanted to buy into the dip. Also, the total supply of CRO on exchanges has not decreased by a larger margin.
These investors are rising at the rate of 500 new addresses per day and have mainly done HODLing. Out of the total balance of 216k addresses, only 1.4k on an average transaction on-chain.
This is also confirmed by the increase in the number of Long Term Holders (LTH) and Medium Term Holders (MTH). Interestingly, there has also been a sudden drop in short-term traders since December. Simply put, people are trying to work their way out of the prevailing market conditions.
Unfortunately, both Crypto.com’s and investors’ efforts are being dampened by the broader market indications. This is why the CRO has fallen by 21.44%. And it’s the biggest loser of the week.
This post The biggest loser of the week? Will CRO follow bulls in the coming month
was published first on https://ambcrypto.com/the-biggest-loser-of-the-week-will-cro-follow-bulls-in-the-coming-month/