"This crypto seems to have potential but I don't know and I'm afraid it will suddenly drop to $0."
The price of cryptocurrency Cronos (CRO) created by exchange company Crypto.com climbed by 51% with a market valuation of more than $2 billion after hitting its lowest level since 2022.
In addition to crossing the $0.085 price zone, CRO's market capitalization also gained around 9.87% at $2 billion while its trading volume advanced almost 301% at 494 million in the last 24 hours.
Even though Crypto.com has cut its workforce by 20%, the positive reaction is possible as investors remain interested in buying large amounts of the digital asset.
In fact, the price increase follows Crypto.com's announcement on January 16 that its company will enter into an eight-year carbon removal agreement with Climeworks to once again neutralize carbon emissions.
While Crypto.com will also work with carbon removal service providers, government officials and its business partners such as Shopify to study and plan on carbon reduction.
The development in the CRO ecosystem is also one of the reasons for the price of digital assets to rise, where the total value locked (TVL)* for CRO dApps jumped 12% to $398 million, but it is much lower than before at almost $4 billion.
*Measuring the total value of all assets locked into the DeFi protocol
As of this writing, the price of CRO is slightly down hovering in the $0.079 zone while the company's cash flow has slipped by $12 million in the last 24 hours and $156 million in the last 30 days.
