Cronos (CRO) price skyrocketed following a new partnership with Truth Social, but the crypto community and experts soon criticized the company for bringing back 70 billion tokens.
By Wahid Pessarlay
Updated
2 mins read
Cronos (CRO), the native token of Crypto.com exchange’s Cronos Chain, recorded an impressive price surge following a partnership with President Donald Trump’s Truth Social.
On March 24, Crypto.com joined forces with Trump Media’s social platform “to launch a series of” crypto-backed exchange-traded funds (ETFs) and exchange-traded products (ETPs). This will reportedly include investment products connected to Bitcoin BTC $88 052 24h volatility: 0.2% Market cap: $1.74 T Vol. 24h: $30.50 B and CRO.
Thanks to the announcement, the Crypto.com-affiliated CRO token’s price reached a local high of $0.115 earlier today. Despite a slight pull-back, CRO is still up 30.3% in the past 24 hours and is trading at $0.107 at the time of writing.
The partnership with Truth Social comes a few days after the exchange’s revenue report. On March 19, Crypto.com CEO Kris Marszalek posted on X that the company generated $1.5 billion in revenue in 2024.
However, the criticism from the crypto community heated again.
In 2021, Crypto.com burned 70 billion CRO tokens, 70% of its total supply, in an attempt to increase the value of the remaining assets.
On March 2, Cronos announced a proposal for minting 70 billion CRO for its “Cronos Strategic Reserve. The suggestion has already been approved with over 62% of yes votes.
This triggered massive criticism from the crypto community since the exchange allegedly had excessive voting power. Moreover, the mint will consequently decrease the value of the CRO circulating supply.
On-chain sleuth ZackXBT slammed the exchange for its plans of bringing back 70% of the CRO supply.
Some of the community members discussed that Crypto.com could use its revenue to accumulate some of CRO’s existing circulating supply instead of printing new tokens to help boost the asset’s value.
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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.