CRO soars on Staples Center rebranding deal, market cap crosses $ 14.3 billion
- CRO token market cap crosses $ 14.3 billion mark
- Optimism is a result of the $ 700 million deal with AEG
- Staples Center to Change Name to Crypto.com Arena on Christmas Day
The Crypto.com token (CRO) is booming, spurred by a high-profile deal that will see Los Angeles Staples Center rebranded as Crypto.com Arena.
CRO is the governance token for the Crypto.com blockchain, which is the blockchain for a business and financial services provider, Crypto.com.
The token exceeded market cap by $ 14.3 billion as of 12:29 a.m. ET, according to data from CoinMarketCap. It also showed a 448.21% increase in transaction volume, with a value of $ 2.14 billion. The CRO price hit a daily high of $ 0.58166, from a daily low of $ 0.47536.
It looks like CRO, which is currently ranked 16th, is looking for a spot in the top 10 halo clubs. Its price has hit higher highs and lows on the 4-hour chart, indicating an uptrend. Volatility and volumes have skyrocketed, causing prices to break out – an increase of over 40% in the past 24 hours.
The token rose on Wednesday to an all-time high at $ 0.5931, a rise of more than 50%, but fell more than 7% below that mark. For comparison, Bitcoin still sits below the $ 60,000 price point, struggling to break through the resistance line. As BTC strengthens its support at $ 59,000, DeFi and Metaverse tokens turned bullish, increasing double digits.
Crypto.com on Wednesday announced an agreement with AEG, owner of Staples Center in Los Angeles – the home of the Los Angeles Lakers and Los Angeles Clippers – to rename the Center to Crypto.com Arena on Christmas Day. The change will follow what is believed to be a 20-year record deal worth $ 700 million.
American sports journalist Arash Markazi took to Twitter to announce that the Lakers and Kings will have Crypto.com as their official partner.
“Crypto.com has announced that it will also be the official crypto partner of the Lakers and Kings. Why not the Clippers and Sparks? The Clippers to leave Staples Center and move into the $ 1.2 billion Intuit Dome in 2024. The Sparks could then also leave the Staples Center, ”said Markazi.