Cronos, the native cryptocurrency of Crypto.com’s Cronos Chain, has experienced notable selling pressure following the introduction of the Trump Media Group CRO Strategy last month.
On Aug. 26, Trump Media and Technology Group (TMTG), which runs Truth Social and is primarily owned by the Donald J. Trump Revocable Trust, unveiled a joint $6.4 billion Cronos (CRO) treasury.
This announcement triggered a swift 40% surge in CRO’s price. However, since that spike, the token has been on a steady decline, nearly wiping out those gains as CRO fell below $0.19 on Thursday, nearing pre-announcement levels, according to CoinGecko data.
As prices have dropped, many in the community have expressed doubts about the demand for the token backed by TMTG, while Crypto.com CEO Kris Marszalek has not yet publicly commented on the decline.
Cronos market cap sheds $6 billion
Since the height of the Trump-driven rally, Cronos has lost over $6 billion, nearly 50% of its market cap, which stands at $6.6 billion at the time of writing.
The token has also slipped out of the top 30 crypto assets by market cap, currently ranked as the 33rd largest coin by market value, according to CoinGecko.
While some online commentators remain optimistic about future CRO price movements, others have pointed out the lack of utility and demand for the token.
“You need to demand real change. $CRO is going to fully retrace the Trump pump. There’s zero demand for this token. The chain is a ghost town with no users,” one commentator stated on X on Sunday.
Another Reddit user remarked, “We’re getting rugged, just as I expected when that partnership was announced,” highlighting a growing skepticism among community members.
Broader sell-off?
Some market observers have been more positive about Cronos, noting that the CRO price drop aligns with a larger sell-off in the crypto markets.
“It’s a blood bath right now. The entire market is crashing. This has nothing to do with CRO. Septembers are usually like this,” another Reddit user wrote, in response to the price drop on Thursday.
The market has indeed been under pressure lately, with Bitcoin (BTC) dropping below $110,000 on Thursday.
The Crypto Fear & Greed Index, a key tool for assessing overall market sentiment, fell below 30 on Friday — its lowest since April 2025 — indicating high caution and increased fear among investors, as shown on the official index site.
While reactions to the decline in CRO have been mixed within the community, Marszalek has refrained from commenting on the price.
SEC yet to approve the $6.4 billion CRO buy
Marszalek posted on X on Tuesday to share that Cronos is backing the tokenized collateral and stablecoin initiative by the US Commodity Futures Trading Commission.
“We are pleased to support the tokenized collateral and stablecoin initiative and its recommendations for using non-cash collateral, including CRO, for regulatory margin requirements,” Marszalek stated.
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The tweet has garnered mixed responses, with some noting that the US Securities and Exchange Commission has yet to approve the Trump Media Group CRO Strategy.
As more companies announce crypto treasury initiatives, US regulators are reportedly scrutinizing these announcements more closely.
The Wall Street Journal reported on Thursday that the SEC and Financial Industry Regulatory Authority have reached out to over 200 companies that have disclosed crypto treasuries this year as part of an investigation into potential violations of rules concerning selective sharing of material nonpublic information.
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