Cronos, the native cryptocurrency of Crypto.com’s Cronos Chain, has faced significant selling pressure since the launch of the Trump Media Group CRO Strategy last month.
On Aug. 26, Trump Media and Technology Group (TMTG), the operator of Truth Social and majority-owned by the Donald J. Trump Revocable Trust, announced a joint $6.4 billion Cronos (CRO) treasury.
The announcement sparked an immediate 40% rally in CRO’s price. However, since then, the token has steadily declined, almost erasing those gains as CRO tumbled below $0.19 on Thursday, approaching pre-announcement levels, according to CoinGecko data.
Amid the price decline, many in the community have questioned demand for the token supported by Trump-linked TMTG, while Crypto.com CEO Kris Marszalek has so far avoided publicly addressing the price drop.
Cronos market cap sheds $6 billion
Since the peak of the Trump news-driven rally, Cronos has lost more than $6 billion, or nearly 50% of its market cap, amounting to $6.6 billion at publication.
The token has also dropped out of the top 30 crypto assets by market cap, currently ranking as the 33rd biggest coin by market value, according to CoinGecko.
Some online commentators remained hopeful about further CRO price action, while some market observers pointed to the lack of CRO’s utility and demand.
“You need to demand real change. $CRO once again is going to fully retrace the Trump pump. There is 0 demand for this token. The chain is a ghost town, users are non-existent,” one commentator wrote on X on Sunday.
One Reddit user commented, “We’re getting rugged, just as I expected when that partnership was announced,” reflecting growing skepticism among community members.
Broader sell-off?
Some market watchers were more optimistic about Cronos, highlighting that the CRO price came in line with a broader sell-off on crypto markets.
“It’s a blood bath right now. The entire market is tanking. Has nothing to do with CRO. September’s are usually like this,” another Redditor wrote on Thursday, commenting on the price fall.
The market has indeed been under pressure in the past week, with Bitcoin (BTC) tumbling below $110,000 on Thursday.
The Crypto Fear & Greed Index, a popular tool for measuring overall market sentiment, tumbled below 30 on Friday — its lowest level since April 2025 — signaling strong caution and heightened fear among investors, as shown on the official index site.
While community reaction to CRO decline has remained mixed, Marszalek has avoided commenting on the price.
SEC yet to approve the $6.4 billion CRO buy
Marszalek took to X on Tuesday to post about Cronos supporting 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 the use of non-cash collateral, including CRO, for regulatory margin requirements,” Marszalek said.
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The tweet has gathered both negative and positive reactions, with some highlighting that the US Securities and Exchange Commission has yet to approve the Trump Media Group CRO Strategy.
Amid the growing trend of crypto treasury announcements, US regulators have reportedly taken a closer look at public companies announcing such initiatives.
The Wall Street Journal reported on Thursday that the SEC and Financial Industry Regulatory Authority have contacted more than 200 companies that announced crypto treasuries this year as part of a probe into potential breaches of rules against selective sharing of material nonpublic information.
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