Whichever version of the Latin proverb you choose, crypto dot com‘s trading volume doesn’t look brave, bold, or powerful a year after it unveiled a Matt Damon commercial.
last year, crypto dot comAccording to CoinGecko, normalized trading volume fell 91% from $4 billion to $380 million per day. We’re not saying advertising was responsible for the decline, but the company’s bid to spur growth with A-list celebrities didn’t seem to help much.
There are also bear market issues in the room. This caused the crypto market to lose two-thirds of its market capitalization compared to a year ago. crypto dot com‘s Matt Damon spot was lukewarm at best.
Ads compared cryptocurrency investors to astronauts, climbers and the Wright brothers. In November, immediately after its release, chromiumypto.com Spent $700 million on naming rights to Los Angeles Arena, formerly known as Staples Center.
At the time, the marketing effort seemed to have given the exchange. boostDamon’s ads, on the other hand, have been making headlines in the crypto industry for months and by January of this year began reaching people outside the industry.
reaction is not goodThe ad was even skewered by the South Park episode that featured pee drinking parody.
Trading volumes aren’t the only thing that’s been hurt.
The exchange’s native Chronos Token (CRO), which offers holders discounted trading fees and other benefits, has a market cap of $2.8 billion and is trading at $0.11 on Friday afternoon. coin geckoBoth of these metrics are about half what they were a year ago.
for the past few months, crypto dot com has passed multiple layoffs had to cancel $495 million sponsorship deal European Champions League (EUFA) andThe same week the news broke in August, the company filed a lawsuit against the woman. Retain $10 million mistakenly transferred in her crypto wallet.
It’s safe to say that the exchange’s peers have also seen trading volumes plummet.
Huobi lost 90% of its normalized volume. FTX is down 77%, Coinbase is down 75%, and Binance, which launched zero-fee trading of Bitcoin and Ethereum in the summer, saw its trading volume drop 57% compared to last year.
The zero-fee bidding to increase volume is especially noticeable on Bybit, which saw a 757% jump in volume compared to late October 2021.
As FTX’s CEO has regularly pointed out over the years, zero fees can dramatically and artificially inflate the exchange’s trading volume. He even called it “one of the most consistent historical facts in cryptocurrencies.” on Twitter during the summer.
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