Is it time to top up my CRO bag?
No I haven't been born again a CRO Maxi. I still think that there are far better cryptos out there that are better to invest in than CRO, but with the recent new lows in price of CRO, I decided to more than double my bag for a number of reasons.
As you know from my previous articles, I think CRO is not such a good token due to what looked like a huge vesting last year by insiders that could be the reason for such a fall in the price. There is also a lack of transparency for this so-called decentralised token and it has failed to live up to its intended use case for NFTs and gaming.
The use of CRO for providing some benefits for the charge-card on crypto.com has caused massive losses for those holding CRO who bought near the top like myself. (It isn't a loss until you sell I guess though!)
My losses are not massive as I just took a low tier card that I no longer use, but I am sat with a bag of CRO that has lost 85% of its value. This is not far off the -89% fall over a 1 year period or 93,6% fall from it's all time high. I guess that shows you how near the top that I bought CRO.
The best thing to do would be to forget this crypto and buy something that I would have faith in but with the new low price and with my bag being worth considerably less, I thought that I would buy a few thousand more CRO and try and chase my losses profit from the rebound.
For this small investment, this would then give me some more options in the next bull run in case that there is a CRO rebound. This would allow me to exit CRO if I wanted to at a much lower price than if I just left my bag or if it rebounds to its previous price, I could also make some profit from this rebound which tastes much better than just recouping losses.
The final reason I thought that CRO wouldn't be so bad to buy some more is that crypto.com is a mainstream crypto website and would be one of the first exchanges that new users may use and this may provide some boost to CRO.
This doesn't mean that I would want to buy or hold CRO under any normal circumstances and it is not a crypto that I would want to hold in my portfolio when there are far more attractive alternatives to choose from.
Thanks for reading.
Credits:
Title image created in canva using image from pixabay and image.