NAIROBI (Coinchapter.com) – The iconic rapper Eminem has a new gig and has signed on as a brand ambassador for Crypto.com. Following the news, Cronos (CRO), the exchange’s native token, experienced a significant price surge. This collaboration adds to Crypto.com’s impressive roster of high-profile partnerships.

Eminem’s post on X

The announcement featured Eminem in a commercial showcasing the company’s tagline, “Fortune Favors the Brave.” This marks another major celebrity endorsement for the exchange, following its previous campaign with Matt Damon. Crypto.com has a history of investing heavily in sports sponsorships and naming rights for major venues like the Crypto.com Arena.

Cronos (CRO) Performance and Metrics

CRO, the native token of the Crypto.com Chain, experienced a significant price surge following the announcement of Eminem’s new gig. At the time of writing, CRO is trading at $0.1331, up 2.99% in the last 24 hours, with a market capitalization of $3.52 billion.

CRO/USD 1-day price chart. Source: CoinGenko

The 24-hour trading volume stands at $41.19 million, and the circulating supply is 26.69 billion CRO tokens. The maximum and total supply for CRO is capped at 30 billion tokens.

This price rally underscores the impact of high-profile partnerships on the cryptocurrency market. Crypto.com has a track record of leveraging celebrity endorsements to bolster its brand recognition and drive adoption.

Crypto.com’s High-Profile Partnerships and Challenges

Crypto.com is known for its high-profile partnerships. It has previously collaborated with actor Matt Damon and soccer club Paris Saint-Germain and secured the naming rights to the Staples Center (now Crypto.com Arena) in a 20-year, $700 million deal.

However, amid the market downturn of 2022, Crypto.com faced challenges, including slashing sponsorships and staff layoffs. Despite this, the platform boasts over 80 million users and offers a trading exchange, non-custodial wallet, NFT marketplace, and direct payment service for cryptocurrencies.

While some users have voiced disapproval over Eminem’s latest partnership, citing concerns about promoting cryptocurrencies, the endorsement has undoubtedly sparked renewed interest in Cronos (CRO) and the broader crypto ecosystem.

The post Eminem’s New Gig as Crypto.com Ambassador Sends Cronos (CRO) Skyrocketing appeared first on CoinChapter.

---

Filed under: Bitcoin - @ April 30, 2024 4:22 pm