- Crypto.com renamed the utility token of its exchange to Cronos, reflecting its decentralized nature.
- The recent push to drive decentralization did not prevent further decline in Crypto.com price.
- The exchange has launched a new program to promote staking of Crypto.com's Cronos and offer Bitcoin in exchange.
- Analysts predict a bearish outlook on Crypto.com price and expect a decline to $0.33.
Crypto.com recently rebranded its utility token CRO to Cronos as part of the chain's move to decentralize further. Despite the recent rebrand and the $2 million reward allocation for staking Crypto.com token, Cronos continued its downtrend.
Crypto.com reveals new staking program, offers free NFTs, up to 52% returns
On February 18, Crypto.com announced the rebranding of its native token CRO, from "Crypto.org coin" to Cronos. The exchange announced that the name change reflects the token's decentralized nature.
Crypto.com argues that Cronos chain's delivery is faster than Ethereum mainnet transactions, offering a better opportunity for the growth of dApps and smart contracts on the blockchain. Crypto.com price posted 17% losses over the past week, and the rebrand failed to prevent further decline in the utility token.
Crypto.com launched a new program, "Bitcoin Supercharger 10x booster bonus, following the rebranding exercise." The exchange allocated $2 million to rewards and invited users to stake Cronos and earn Bitcoin rewards. Crypto.com offered up to a whopping 52% pa in returns to investors in this program.
Proponents expected the event to act as a bullish catalyst for Cronos price. The token suffered a drop to $0.41 over the weekend.
Analysts at Central Charts have evaluated the Cronos price trend and predicted a continuation of the downtrend. As Cronos price breaks each support, the downtrend is further confirmed. In the short term, analysts have a bearish opinion on Cronos price and set a target of $0.33 for the token.
FXStreet analysts believe that Cronos price consolidation is set to continue as the token struggles to break above $0.50, considered an important psychological barrier by investors.
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