The cryptocurrency market is witnessing a significant recovery following a decline on August 25, with an impressive increase of $150 billion over just 48 hours. As market sentiment shifts from neutral to optimistic, utility tokens, in particular, are drawing considerable attention. Notably, Crypto.com’s native token, Cronos (CRO), has surged dramatically this week, skyrocketing by 58% today alone. This surge follows the announcement of a partnership between Crypto.com and the Trump Media Group, aimed at establishing a substantial CRO treasury. With this collaboration enhancing the functionality of CRO and the potential rollout of spot ETFs, the token appears to be well-positioned for sustained growth. A closer examination of this now fifteenth-largest cryptocurrency reveals its potential trajectory in the current market cycle.
### Trump Media Group’s $6.4B Planned Investment Propels Cronos – How High Can it Go?
Beginning August 21 at a price of $0.1419, Cronos has experienced remarkable appreciation throughout the week. Following today’s 58% gains, it has surged a total of 151% in just seven days. This surge pushed Cronos above the $0.35 mark after lingering below $0.21 for over three years. Additionally, CRO has overtaken Stellar (XLM) to secure a place among the top 15 cryptocurrencies, boasting a market capitalization of $11.9 billion. The price rally was ignited by the announcement of a partnership between Trump Media Group, Yorkville Acquisitions, and Crypto.com, which took place on August 26.
The agreement between the three entities aims to create the largest corporate treasury for CRO through Trump Media Group CRO Strategy Inc. As stated by Crypto.com, this newly formed entity is set to become the largest holder of CRO, committing at least $6.42 billion to the token. Earlier this year, these companies also joined forces to promote an “America-First” ETF basket, primarily composed of U.S.-based cryptocurrencies, including Cronos. If these ETFs receive approval, they could potentially attract billions in institutional investments for Cronos.
While the substantial investments captured headlines, the expanding utility of Cronos could also positively influence its price. Following the update on August 26, Cronos has also assumed the role of a utility token for Truth Social and Truth+. This integration allows users of the social media platform to convert in-app rewards into CRO, while also facilitating free or discounted subscriptions and service payments through Crypto.com’s digital wallet system.
Despite these bullish developments, the current buying momentum appears to be slowing. With a Relative Strength Index (RSI) of 82.61 after today’s surge, CRO is now considered to be in overbought territory. Moreover, the long/short ratio has dropped to 0.66, indicating that over 60% of CRO traders are holding short positions. Nevertheless, crypto analyst CW believes that CRO could aim for $0.42, describing this price point as a “sell wall” that may present significant resistance for buyers, potentially marking the short-term peak for CRO.
### Best Wallet’s Utility Token Raises $15M in This Year’s Hottest Presale
As interest in tokens that provide real benefits, similar to CRO, continues to rise, the Best Wallet Token (BEST) is making waves in its presale. Much like CRO, it offers genuine utility, being integral to Best Wallet, one of the fastest-growing cryptocurrency wallets available. The presale for its native token presents an opportunity for early investors to capitalize on potential price surges similar to those seen with CRO.
Best Wallet is designed to cater to the increasing demands of DeFi users, functioning as a mobile-first, multi-chain wallet that has seen its user base expand by over 842% since October 2024. It provides access to more than 90 blockchains, 330 DEXs, and 30 bridges, all at competitive rates and fees. Once its utility token is released, holders of BEST will enjoy even lower fees when buying, swapping, or selling tokens through its Best DEX. Additionally, users will benefit from minimal to no fees while utilizing the wallet’s upcoming crypto debit card.
The presale-tracking feature, Upcoming Tokens, will receive a significant upgrade following the launch of BEST, giving token holders an advantage by allowing early access to upcoming presales in “Stage 0.” Beyond these advantages, analyst Borch Crypto notes that owning BEST grants governance rights, higher staking rewards, and additional benefits. With $15 million raised during the presale as Best Wallet grows rapidly, the early days of BEST suggest a promising future. Investors eager to secure the lowest entry points must act swiftly, as the price per token is set to rise soon.
Nikolay, a crypto aficionado, has a strong passion for emerging technologies and investment strategies. He actively maintains positions across various cryptocurrency exchanges, diligently analyzing and investing in promising new projects and meme tokens. Known for his ability to take informed risks, his most notable investment return reached 13 times with the $PEPE token. His investment approach emphasizes strategic planning for long-term growth, underpinned by thorough research into market trends and advancements in crypto and blockchain technologies. Niki keeps a close watch on global market shifts and possesses a profound understanding of cryptocurrency dynamics and their potential for future development.
