Crypto.com Exchange’s Trade Volume Plummets By 91% One Year After ‘Brave’ Ad

Regardless of whether investors are crypto proponents or not, it’s no secret that cryptocurrencies have entered a bear market this year.

Specifically, exchanges such as crypto.com are showing declining trade volumes as the market enters a state of crypto winter. The timing for this is awfully insidious as the firm’s bold Matt Damon commercial made its debut just a year ago.

Crypto.com Volume Crashes By 91%

In the past 12 months, the exchange’s regular volume dipped by 91 percent, going from a whopping $4 billion to a meager $380 million on a daily basis. These values are based on the exchanges per week average data collected from CoinGecko.

While it doesn’t mean that the ad led to the current crypto winter, it definitely shows how poorly the ad has aged since then. After all, it was released at a time when the global crypto market capitalization was close to $3 trillion, and has now dropped to a couple of billion dollars.

Moreover, the firm’s effort to increase growth with help from a popular Hollywood didn’t help their cause much. As of now, the elephant in the room is the crypto bear market, which has caused the market cap to drop so significantly.

Of course, there’s also the fact that before the crypto market took a turn for the worse, the community’s response to Matt Damon’s ‘Fortune Favors the Brave’ ad wasn’t as enthusiastic as the firm hoped it would be.

In the advertisement, Matt Damon goes on to compare crypto investing to the likes of going into space, climbing mountains, and making new discoveries.

While investing in highly volatile assets does require grit and determination, many crypto proponents called the analogy a bit of a stretch.

Crypto.com Spends $700M on Former Staples Center’s Naming Rights

Shortly after Crypto.com released the advertisement in November last year; it spent a huge amount of $700 million for the naming rights to the LA arena, which was previously called Staples Center.

Nevertheless, the ad did have an effect, as data shows that the marketing campaign gave Crypto.com a momentary boost.

Additionally, the advertisement was circulated within cryptocurrency communities for a couple of months before it was gaining traction among people outside the industry by the beginning of this year.

Matt Damon’s ‘Brave’ Ad Gets Countless Parodies

The response to the ad was just as analysts had expected: it was absolutely shredded through countless jokes and parodies. From South Park to the Late Show, numerous entertainment outlets made fun of the ad.

Because of this, it wasn’t just Crypto.com’s trading volume that took a hit. Rather, the platform’s native token, called Cronos, holds a market cap of $2.8 billion and is valued at $0.11 as of Friday. Both the market cap and token value are now half of what they were last year.

By Brandon Craig
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