Crypto.com’s CRO token more than tripled in November, becoming the month’s top-performing cryptocurrency, after announcing new marketing initiatives involving hiring Oscar-winning actor Matt Damon to star in an advertising campaign and purchasing a naming-rights deal with the stadium where the Los Angeles Lakers basketball team plays.
The cryptocurrency exchange and credit-card issuer founded in 2016 now has a market cap of more than $17 billion, making it the top performer in November amongst digital assets with a market cap above $10 billion, according to Messari.
At press time, the CRO price was around $0.70, up 226% on the month. That compares with an 83% gain for the month’s second-biggest gainer, Avalanche’s AVAX token. Bitcoin, the largest cryptocurrency, slid 4.5% in November.
“Crypto.com’s recent marketing initiatives have certainly played a role in CRO’s gains,” said Clara Medalie, research lead at Kaiko, a market data provider.
On November 17, Crypto.com purchased naming rights for Los Angeles’ Staples Center, and at the end of November hired Matt Damon to star in a $100 million campaign titled, “Fortune Favors the Brave.”
“Exchanges are increasingly leveraging massive marketing initiatives to boost name brand recognition, and this is having a strong effect on token prices, which have historically been highly reactive to bullish exchange announcements,” said Medalie.