It has been almost 8 months since I last looked at CRO here and here. Therefore I thought it may be a good time to revist my shitcoin investment.
Back then, CRO was trading in double-digits, but has since fallen and traded sideways or even lower. I was considering if I should buy some CRO at this low price in case there could be a rebound. With Bitcoin up around 80% for the year, alts have not done nearly so good.
In the end, my buy order that I placed in January, was finally filled a couple of weeks ago and now my bag of CRO is much larger than before. CRO was intended to be a chain similar to BNB but has not had any adoption really. There really seems to be nothing to use it for, even the crypto credit cards and staking is less popular.
The TVL has also fallen at the end of last year and trended sideways since then. This is probably showing the lack of use case for the token. The idea to sell NFTs looks like it has flopped big time with almost no turnover. You can see the lack of sales on CroSea.
The TVL in USD$ has almost halved and the ranking of CRO has dropped 4 places on coinmarketcap on crypto market cap rankings.
The only other thing to do with CRO is to stake it. Currently on the exchange, you can get upto 4% per annum if you lock up your CRO for 3 months and something like 0,25% for flexible staking. This is lower than the previous rates which were inflating the token for sure.
Overall it looks like a dead token, but now after buying the recent dip in CRO, I could have the possibility to break even from my previous purchases at around $0,15 which is still in the accumulation area on the fib chart. This is still a big ask to reach that from here, but a 3x is more likely than anything much higher as there seems to be no life to this token.
The thing is was this a smart move instead of just buying Beetcoin? With Bitcoin up over 80% since the start of the year, I could have almost doubled my money already instead of chasing loses with the useless CRO token.
Only time will tell if it was a good move or not, but things do not look promising for CRO bag token holders. Even if things look ok for Crypto.com, they probably could not bring back many of the rewards they were giving out to cardholders previously as this was not sustainable.
What do you think about CRO?
Thanks for reading.
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I think I bought some to pools a while a go but also sold them a while ago, I've got dust left, as you say no use for it, even though I've got a crypto.com card! (The free one!)
The free one makes sense. I still kept my 1700 that I had and have bought only another 3k now. Hopefully it might pump a little when the alt season starts.
I've been holding a bit of CRO for a while now. I am pretty sure I am probably down on that investment given the fact that I bought it a while ago.
Yeah, i know mine is down massively, hopefully if it rebounds, i can get out whole.
I don't have account or CRO tokens, but I do have WXT tokens from Wirex... Looking at your post it looks like both are worthless tokens in general... lol... The only "exchange-backed" token that kept the value was BNB... But, as it is heavily centralized, I doubt that it has some future... CRO and WXT know just one direction as they are heavily inflationary tokens... But who knows what can happen...
Personally, I'm staying away from all of them... lol...
CRO is supposed to be decentralised, but I think they do not know the real definition of that. Staying away is a smart move. lol
Many tokens do not have real uses cases. And sometimes there is not even a demand at all for a token. For example Swiss Hive (SH) and the Pesos Token. I currently have 1,301.4605351 SH and 270.633 Pesos in my Hive Engine wallet, but currently I cannot sell them, because currently there are no buy orders for these tokens at all. Only sell orders.
Yeah that is definetly the case, we need to be sure why we buy some tokens in the first place.
Thanks for your guidance regarding this shit coin named CRO I will bookmark this for future reference cause this information seems very valuable for me as I am a total crypto newbie really and need guidance all the time.
I am glad it will help guide you not to invest in CRO. 😃
Yes yes I will not invest in CRO
Thanks for your support.
Well, I'm not too deep into these details, but if you ask: Sell it as soon as possible and accept your loss. If you have a bot, set it to sell at the first slightly higher rise.
btw: it's not financial advice 😁
Yes, I know I should do that! Why I don't think rationally?! 😁
I thought you could've sold it already.
Looks like too weak... most of Alt's have followed BTC in this rally and mostly AI related or other narratives.
Only if they do rebrand or announce something like Ai stuff... It could do well. I hope it will recover and do good in longer run.
Yeah, I am not sure how they can turn CRO around. It has risen a little with BTC, but lets see if there would be any momentum in the next alt bullrun.
Yea, hopefully it will do good!
sounds scary :3 goodbye cro
It could be the end! lol
o.o for cro :P not for sps
Investing in alts gives me the creeps as i have lost alot in alts. I do hope u get atleast 5x return on ur recent purchase of CRO. The only alt i invest in 'lightly' these days is 'ocean'. For staking i have invested in catly project. 70%+ return per month ( i do hope they dont rug pull lol).
Thanks, yeah ALTs are a risky business for sure, I guess we chase the adrenaline and possible higher returns.
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