TLDR
- Following the announcement of the partnership between Trump Media and Crypto.com for ETF development, Cronos (CRO) experienced a remarkable 30-55% price jump.
- Their new ETFs will allow investors to gain exposure to Bitcoin, Cronos, and sectors like energy through the brand 'Truth.Fi'.
- CRO's trading activity skyrocketed, jumping from $21 million to a staggering $126 million.
- This upward momentum came just ahead of the scheduled upgrade to Cronos zkEVM's main network on March 26.
- According to CronoScan, daily transactional activity over the network doubled, rising from 40,000 to over 82,000.
Cronos (CRO), the heart of Crypto.com, has recently seen its value swell by over 30% in one day, hitting $0.10, as CoinGecko reports. This follows the news of Trump Media and Technology Group aligning with Crypto.com to create ETFs.
The partners aim to launch 'innovative funds' focusing on 'rapid growth, tech innovation, and bolstering the U.S. economy,' TMTG's CEO, Devin Nunes, elaborated. These funds will cover Bitcoin, Cronos, and industries such as energy.
Trading Analysis
Market data unveiled a dramatic rise in CRO's trading from $21 million to $126 million on Monday night, as investors seized the chance to capitalize on the Trump association, boosting both trading activity and price.
Insights from CronoScan show that network usage experienced more than a twofold increase, with transactions soaring from around 40,000 to past 82,000, reflecting heightened interest.
Branded under 'Truth.Fi', the ETF products will target regions including the U.S., Europe, and Asia, subject to regulatory greenlights.
This plan aligns with Trump's vision to crown America as the 'undisputed Bitcoin powerhouse and global crypto center,' as he stated during the Digital Asset Summit in New York.
This deal integrates President Trump's media entity with Crypto.com of Singapore, happening just months post their SEC scrutiny for alleged unregistered securities dealings.
In October of last year, the SEC announced plans to take legal action against Crypto.com. However, Crypto.com denied these charges and countered with their own legal action.
By December, the lawsuit by Crypto.com was withdrawn, coinciding with interactions between its CEO and then-President-elect Trump. SEC documentation reveals a $4 billion TMTG stake shift by Trump into a trust overseen by Donald Trump Jr.
The CRO price rise also parallels the scheduled enhancement of Cronos zkEVM's mainnet, poised for March 26, which will require a brief network shutdown of 1-2 hours.
This update will bring about single sign-on (SSO) capability using known methods like Google and Apple IDs, along with mobile logins.
Furthermore, it will lay the groundwork for a zero-knowledge gateway, paving the way for rapid zk-chains interoperability, potentially boosting network efficiency.
There are indications of burgeoning stability within Cronos DeFi, as the total value locked (TVL) expanded to $424 million compared to a low of $330 million earlier this month.
Key players in the Cronos ecosystem include VVS Finance, Tectonic, Orby Network, and Veno Finance. However, Cronos zkEVM is still lacking traction among developers and users, with its TVL dipping to $13 million.
Technical analysis points to firm support levels for CRO, wherein it has found a footing at $0.0715, a threshold that has resisted further decline multiple times since last August.
This emerging pattern hints at the formation of a quadruple-bottom with a neckline at $0.2332, the peak on December 4th. The price also stands above the 50-day moving average, with the Relative Strength Index (RSI) showing an upward trend.
Projections from some analysts see the CRO price climbing toward a resistance benchmark at $0.133, marking an approximate 30% growth from current figures.
