Industry cryptocurrency It is still in its infancy, despite its massive growth in charts and the price discovery route for various assets is ever-changing.
CRO with UFC and excellent marketing campaign
Behind the rise of CRO comes from excellent marketing and taking advantage of a bullish backdrop. Protests started happening when Crypto.com and Ultimate Fighting Championship (UFC) announced a partnership.
UFC is an American mixed martial arts entertainment company with a global fan base of more than 625 million spread across 175 countries.
Crypto.com becomes a UFC sponsor for the first time, with the name 'Crypto.com' printed on all athletes' gear – Great marketing.
Following the UFC acquisition, Crypto.com announced a partnership with Paris Saint-Germain, a leading European football club. Besides the partnership, Crypto.com also announced that a significant portion of the funding costs will be paid for in CRO.
In addition, the exchange Coinbase listed CRO. Here, it should be noted that it is rare for an exchange to list the original assets of a rival exchange. So the listing of CRO seems to be driven by customer demand of Coinbase.
Not only that, but Crypto.com bought the naming rights to the Lakers' Staples Center in a $700 million deal. This is the most expensive naming rights deal in sports. Curiously, the value of CRO increased by 30% shortly after the announcement.
How long will the CRO rally last?
CRO broke out of the $0.3 range after months of consolidation, before rallying over 200% over the past few weeks. Now, short-term MVRV (market value to real) revenue for investors is reaching alarming levels, which could lead to investors taking profits in the next few sessions.
Growth in networks and active addresses is also consolidating, suggesting that a lack of action in these addresses will also lead to a decline in prices.
However, excellent marketing and taking advantage of favorable circumstances fueled the rally, and the solid, consistent stuff will last.