Another token, another trap: CRO edition

Remember my post yesterday about how WLFI suddenly released five times more tokens into circulation than everyone expected? That move crashed the pre-market price, and those who lost money see it as a straight-up scam. Well, I’ve got another story for you that feels eerily similar.

Take a look at CRO. Over the past few days, the price tanked by a third: from nearly $0.38 down to about $0.25. But before that, it had been stuck around $0.15 for a long time - and that felt about right. Cronos blockchain and its native token weren’t really being used for much. It’s available on rabbit.io, but we’ve never seen any meaningful demand for it.

Then on August 26, Financial Times published a piece claiming that Trump Media & Technology Group had struck a deal to buy $6 billion worth of CRO. At that time, with CRO trading at $0.15, the entire circulating supply of 33.6 billion coins was only worth $5 billion. For Trump Media to spend $6 billion, they would’ve had to buy literally every coin available - and even then, the math only worked if the price jumped.

Of course, anyone with an FT subscription rushed to buy CRO. Easy money, right? The logic was simple: if Trump Media is buying, let’s front-run them and sell it back at a higher price.

But fast-forward a few days, and the price has collapsed. The full supply of CRO is now worth only $8 billion. Still too cheap - if you believe that massive buy order is really coming.

But is it? Just because Financial Times wrote it doesn’t make it true. When it comes to Trump-linked companies making crypto promises, history says you should be skeptical.

It looks like recent CRO buyers are starting to feel like they’ve been played too. And that’s exactly what ties this story back to yesterday’s WLFI unlock.