Crypto.com’s CRO token greater than tripled in November, turning into the month’s top-performing cryptocurrency, after asserting new advertising initiatives involving hiring Oscar-winning actor Matt Damon to star in an promoting marketing campaign and buying a naming-rights cope with the stadium the place the Los Angeles Lakers basketball workforce performs.
The cryptocurrency change and credit-card issuer based in 2016 now has a market cap of greater than $17 billion, making it the highest performer in November amongst digital property with a market cap above $10 billion, in line with Messari.
At press time, the CRO worth was round $0.70, up 226% on the month. That compares with an 83% acquire for the month’s second-biggest gainer, Avalanche’s AVAX token. Bitcoin, the most important cryptocurrency, slid 4.5% in November.
“Crypto.com’s current advertising initiatives have definitely performed a task in CRO’s features,” mentioned Clara Medalie, analysis lead at Kaiko, a market knowledge supplier.
On November 17, Crypto.com bought naming rights for Los Angeles’ Staples Center, and on the finish of November employed Matt Damon to star in a $100 million marketing campaign titled, “Fortune Favors the Brave.”
Adding to the worldwide advertising initiatives, Crypto.com introduced it will become an official partner of CONMEBOL Copa Libertadores, the very best stage of membership soccer workforce competitors in South America.
“Exchanges are more and more leveraging huge advertising initiatives to spice up identify model recognition, and that is having a powerful impact on token costs, which have traditionally been extremely reactive to bullish change bulletins,” mentioned Medalie.