Cronos, the native cryptocurrency of the Crypto.com-backed Cronos Chain, surged to multi-year highs following news of the Trump Media Group CRO Strategy launch.
On Tuesday, Trump Media and Technology Group announced launching a joint $6.4 billion Cronos treasury with Crypto.com and Yorkville Acquisition.
Cronos surged 25% to $0.20 within hours after the announcement, before climbing past $0.23 on Wednesday, its highest level since May 2022,accordingto CoinGecko data.
The news has sparked mixed reactions within the community as some CRO holders were optimistic, while others expressed skepticism toward the influence of political figures.
Trump Media’s CRO holdings are at $1.5 billion
Amid CRO rising to multi-year highs, Crypto.com CEO Kris Marszalek took to X on Wednesday to report that the crypto asset had surged 40% following the Trump Media Group CRO Strategy announcement.
Trump Media (DJT) shares rose 5% on the news, Marszalek noted, adding: “Value of CRO held under Trump Media Group umbrella now at over $1.5 billion.”
Source: Kris Marszalek
The announcement of Trump Media Group CRO Strategy came nearly four years after the Cronos launch in mainnet beta in early November 2021.
CRO still far from all-time highs
After breaking past $0.23, CRO’s market capitalization climbed above $7.8 billion, gaining more than 44%.
Despite reaching multi-year highs, CRO remains about 300% below its all-time peak of $0.965 recorded a few days after the official Cronos mainnet launch in 2021.
Historical price of CronosCRO$0.2943, known as Crypto.org CoinCRO$0.2943 before 2021. Source: CoinGecko
Before the launch of the Cronos Chain, CRO was known as Crypto.org Coin
CRO$0.2943, anERC-20 token on the Ethereum blockchain that was createdby Crypto.com founders in November 2018.
In March 2021, Crypto.com transitioned CRO to its own decentralized open-source blockchain, the Crypto.org Chain. Soon after launching Cronos, the exchange rebranded the token to Cronos in February 2022.
Mixed reactions
Amid the rally, Cronos rose in the ranking of top crypto assets by market cap, becoming the 28th biggest crypto asset by time of publishing, according to CoinGecko.
Some social media commentators expressed optimism about CRO, suggesting that the asset “deserves a permanent spot in the top 10.”
