Cronos (CRO) has experienced quite a price surge after a new partnership was announced between Crypto.com and Trump Media. CRO is the native token of the Crypto.com exchange. According to CoinGecko, CRO’s price has surged 103% over the last week, 86.9% in the 14-day charts, 106.6% over the last month, and 257.3% since August 2024. Despite the incredible rally, CRO has faced a steep 13.9% correction in the previous 24 hours.
What Is The Partnership Between Crypto.com And Trump Media?
Earlier this week on Aug. 26, Trump Media, the company behind the Truth Social platform, announced a SPAC deal with Crypto.com and Yorkville Acquisition Corp. Yorkville Acquisition Corp is a blank-check company. The deal aims to form a new digital-asset treasury firm called Trump Media Group CRO Strategy. The treasury will focus on accumulating Cronos (CRO).
According to reports, the deal is backed by $1 billion worth of CRO tokens. Moreover, there will be $420 million in cash and equivalents, $220 million in warrants, and a $5 billion equity line of credit from Yorkville advisors.
Crypto-based treasuries have become increasingly popular over the last year. Corporates seem more eager to accumulate crypto than ever before.
Will Cronos Continue Its Rally?
Cronos’ (CRO) latest rally is quite incredible, but the asset is still down by 69% from its all-time high of $0.9654. The asset hit its peak in November 2021, nearly four years ago.
According to CoinCodex analysts, CRO may continue its rally over the coming months. The platform anticipates the asset to hit $0.573742 on Nov. 27. Hitting $0.573742 from current price levels will entail a rally of about 94.62%.
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On the other hand, there is also a possibility that CRO’s price will face a correction. Investors could begin to book profits. Moreover, the larger crypto market has turned quite bearish over the last few days. CRO could fall into the larger market pattern.