What happened
As of 2:30 p.m. ET, Crypto.com Coin (CRYPTO:CRO) was up 11.7% over the past 24 hours. A leader in crypto-based mobile payments, Crypto.com token has surged in interest among investors looking for ways to not only trade, but also generate yield from their crypto investments.
Today’s rise is substantially higher than the move of the overall crypto market, up approximately 4% over the past 24 hours.
In fact, this token is the fastest-rising top-15 cryptocurrency by market capitalization at the time of this writing. Investors seeking momentum have that in Crypto.com token today. Most cryptocurrencies, such as rival Shiba Inu, are up, but not to this degree.
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So what
Holding today’s growth rate for Crypto.com Coin and Shiba Inu steady, CRO could theoretically pass Shiba Inu in value in three days. This is a fast-growing token that has generated a lot of attention of late. As far as momentum goes, Crypto.com Coin appears to have the upper hand over Shiba Inu and most large-cap tokens right now.
Since the beginning of September, Crypto.com Coin is a three-bagger. Shiba Inu’s performance has been less impressive, with this token losing nearly half its value over this time frame.
Now, there are a number of catalysts investors point to when it comes to Crypto.com Coin’s outperformance. Crypto.com has been one of the leaders in marketing in the crypto space, securing a massive $700 million naming rights deal for what’s now known as the Crypto.com Arena (formerly the Staples Center). Other high-profile marketing deals in F1 and UFC have provided impressive name recognition for this token. Additionally, Matt Damon is doing television advertisements on behalf of Crypto.com, suggesting this is a cryptocurrency that’s not afraid to pull out all the stops to make as much noise as possible.
Investors like the mobile payments functionality (crypto-based debit cards and financial services), as well as the yield farming capabilities Crypto.com provides, courtesy of its CRO token. Some may come for the marketing and stay for the yield. In either case, Crypto.com Coin is a token that’s certainly outperforming right now.
Now what
It’s clear Crypto.com Coin is making a tremendous amount of buzz right now. In the crypto space, filled with flashy tokens and moonshot meme bets, this has turned out to be a good thing. Investors know the Crypto.com name, and are investing in this token.
There’s some functionality to Crypto.com Coin, and a reason for investors to hold this token. Those in the yield farming space will note that Crypto.com is a renowned platform that’s gaining a lot of traction right now. Sure, there’s competition, and the landscape is always shifting. However, this token is also one with a lot of marketing behind the name.
As with any cryptocurrency investment, buying a given token based on the marketing or pizzazz underpinning a name isn’t a prudent idea. However, this token is garnering attention among those sophisticated investors as well. Accordingly, this may be a token worth looking at right now, relative to meme coins such as Shiba Inu.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
