Playing With FIRE - CRO-tastrophe!

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.

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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.

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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.