Crypto.com coin (CRO) is continuing to experience a bullish price advance as the cryptocurrency trading services finalizes the transition from MCO to CRO tokens. Such is the extent of the parabolic price gains for CRO that it is now in the top-10 rankings based on market capitalization
The price surge for CRO has not been without controversy with some MCO token holders accusing Crypto.com of insider trading in the platform’s token swap bid. However, MCO has seen a resurgence in price in August.
CRO up 460% Since Black Thursday
According to data from crypto market aggregator Coingecko, the CRO token price has gained over 460% since Black Thursday (mid-March 2020). Indeed, the crash of March 12 interrupted the coin’s advance that began in late 2019.
CRO was not alone in seeing a decline at the time as panic over the coronavirus saw investors liquidating their assets for cash. The crypto market as a whole shed about 50% of its value but has since recovered.
For CRO, the post-Black Friday recovery has been one of the most significant in the crypto market. On the whole, the Crypto.com token is up about 470% year-to-date (YTD) making it one of the year’s best performers.
Earlier in August, Crypto.com announced plans for a token swap between MCO and CRO. MCO holders have been given the option of exchanging their holdings for the CRO token.
The swap is expected to run until the start of November. However, early bird swappers who complete the process before September 2, stand the chance of earning a 20% bonus in CRO which can be staked for six months.
According to Crypto.com’s announcement earlier in the month, the swapping takes place exclusively within the platform’s wallet app. Thus, MCO holders who have their tokens stored in other services have to move their coins to a Crypto.com wallet before being able to exchange them for CRO.
The token swap announcement has also helped to trigger even more upward movement in the CRO price. As of the time of writing, CRO is the ninth-largest cryptocurrency with a market capitalization of about $3.3 billion.
Crypto.com has come in for some criticism over the handling of the token swap process. Some investors say the decision of the platform to cease buying MCO on the open market which led to a decline in its price was a form of manipulation since the exchange already planned to initiate a token swap.
When MCO prices tanked, investors increased their exposure to gain more coins. Owning more MCO tokens at the time meant being able to enjoy higher tier benefits of the Crypto.com Visa debit card. However, some investors feared that the token swap announcement would render MCO coins effectively worthless and have wasted no time in calling out the company.
2020 has so far been a busy year for Crypto.com. As previously reported by Blockonomi, the exchange upgraded its platform back in June 2020. The enhancements made were part of the company’s plan to make a dent in the expanding cryptocurrency derivatives trading arena.