Cronos: Did suspension of CRO rebate benefits affect investors
One of many world’s main cryptocurrency exchanges, Crypto.com, not too long ago upgraded its Visa Card insurance policies. Thus, eliminating a essential function that made it the preferred crypto-linked card program.
Members of sure tiers of Crypto.com’s Visa Card have now been excluded from the rebate advantages they loved by Spotify and Netflix.
Beginning 23 January, these cardholders will not obtain CRO as reimbursement and have as an alternative been given a 2% again on spending with Spotify and Netflix.
Quickly after the announcement, on 23 July, Cronos grew to become a vital topic of debate on social channels. And, consequently, its social dominance shot as much as its 2-month highest level.
Cronos social presence | Supply: Santiment – AMBCrypto
Each one out of 100 mentions regarding crypto was associated to Cronos.
Notably, CRO buyers have been in a troublesome spot for a very long time now, because of the decline it noticed from its all-time excessive of $0.974 in November.
After the crash, the altcoin tumbled down additional on the charts and reached its buying and selling value of $1.29, which is at the moment 85.5% under its high.
Cronos value motion | Supply: TradingView – AMBCrypto
The consecutive dips triggered constant losses for the CRO holders. And, the typical steadiness on their addresses started dropping at a fast tempo.
In simply eight months, the determine fell from $533k to $50k on the time of writing, the bottom it has been since January 2019.
Cronos buyers’ common steadiness | Supply: Intotheblock – AMBCrypto
Such losses are the rationale why even after the announcement of the change in insurance policies, not many buyers truly reacted on-chain.
The transaction quantity remained unchanged, and the continued month-long accumulation price 110 million CRO was not affected both.
And, neither did it set off the long-term holders to maneuver round their holdings.
Cronos steadiness on exchanges | Supply: Santiment – AMBCrypto
Thus, at this level, it has turn into obvious that with regards to crypto, no less than within the case of Cronos’ holders, it’s about cash than it’s in regards to the community.
