Since the peak of the Trump news-driven rally, Cronos has lost more than $6 billion, or nearly 50% of its market cap.
Cronos, the native cryptocurrency of Crypto.com’s Cronos Chain, has faced significant selling pressure since the launch of the Trump Media Group CRO Strategy last month.
On Aug. 26, Trump Media and Technology Group (TMTG), the operator of Truth Social and majority-owned by the Donald J. Trump Revocable Trust, announced a joint $6.4 billion Cronos (CRO) treasury.
The announcement sparked an immediate 40% rally in CRO’s price. However, since then, the token has steadily declined, almost erasing those gains as CRO tumbled below $0.19 on Thursday, approaching pre-announcement levels, according to CoinGecko data.
