One year on from Crypto.com’s Matt Damon commercial, CRO outperformed Bitcoin

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The infa­mous Matt Damon, For­tune Favors the Brave advert for Crypto.com reached its first birth­day this week. A Red­dit user, u/gnarley_quinn, com­piled a list of the sig­nif­i­cant Crypto.com adver­tis­ing cam­paigns since the Matt Damon com­mer­cial launched in Octo­ber 2021 and aligned it with the price of the native CRO token.

When the Matt Damon com­mer­cial first aired, the price of CRO was $0.21. Less than two weeks lat­er, when Crypto.com announced its pur­chase of the nam­ing rights to the Sta­ples Cen­ter, it had increased to $0.35. By Novem­ber 24, it had risen to just under a dol­lar to reach an all-time high of $0.97. Investors who bought on the day of the com­mer­cial and sold at the top made a return of 360%.

How­ev­er, CRO has not bro­ken a dol­lar as it has been in free fall since Novem­ber 2021. The token fol­lowed the rest of the cryp­to indus­try as it declined through­out Q1 of 2022. When Crypto.com announced that it had pulled out of its Champion’s League spon­sor­ship in Feb­ru­ary, CRO had already fall­en 51% to just $0.47.

The token had fall­en to $0.42 by March when the exchange announced it would spon­sor the FIFA World Cup in 2022. The announce­ment failed to help invig­o­rate the token’s val­ue, and in May, it began reduc­ing rewards for users of its Crypto.com rewards card. Rewards were slashed again in sub­se­quent months, along with lay­offs of over 200 employees.

While the price of the CRO token is not nec­es­sar­i­ly direct­ly linked to the exchange’s suc­cess, it is undoubt­ed­ly an indi­ca­tion of pub­lic sen­ti­ment. The cur­rent price is around $0.11, which is a decline of 47%.

Accord­ing to data from Coin­pa­pri­ka, the trad­ing vol­ume on Crypto.com reached $3.8 bil­lion in Novem­ber 2021. Cur­rent­ly, the num­ber sits at just $273 mil­lion, a decline of 93%. The exchange’s Esti­mat­ed Real Vol­ume, which removes wash trades, is esti­mat­ed to be even low­er at $160 million.

As u/gnarley_quinn high­light­ed, invest­ing in Bit­coin when the Matt Damon com­mer­cial aired would have result­ed in a loss of around 60%. There­fore, while the volatil­i­ty of CRO has been high, the draw­down was 13% less than that of Bit­coin over the same period.

I con­struct­ed a time­line of sig­nif­i­cant events for Cryp­to .com since the release of that com­mer­cial. Here’s how the token has faired since that day. from Cryp­toCur­ren­cy

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