Blockchain News

Cronos Rallies as Coin Sees Rise in Weekly Social Activity

The price of CRO soared by 13% in the past week, coinciding with a surge in Cronos coin's social mentions, which went up by 40%.

Cronos Socials Going Crazy

CRO, the native coin of Cronos Chain, demonstrated a tremendous rally in its social activity in the last week, according to data from cryptocurrency social analytics platform LunarCrush.

For the week ending Sept. 23, social mentions of Cronos coin increased by 40% and stood at 37,000 Also, its social engagements rose by 14% within the same period to a total of 61.6 million.

LunarCrush noted that the growth in CRO’s social activity coincided with a price increase of 13% during the week.

$CRO in the Last Week

According to data from CoinMarketCap, Cronos traded at $0.1158 at press time. With a continued rally in the coin’s social activity, its price had increased by 8% in the last seven days.

On the daily chart, CRO was down 4%, and trading volume had declined by 63% within the same period. A look at movement on the price chart revealed a rally in selling pressure for CRO.

At press time, its Relative Strength Index and Money Flow Index were positioned in downtrends at 50.27. Both indicators poised to breach their respective central lines indicated a spike in sell order volume for Cronos.

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On-Chain Assessment

As CRO registered growth in social activity, which culminated in a rally in its price, active addresses that traded CRO also went up in the past week, data from Santiment showed. Daily active addresses on the Cronos network had gone up by 34% in the past seven days.

Also, new addresses created on the CRO network daily within the period under review increased by 14%.

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Cronos whales also took advantage of the rally in the last week ,as data from Santiment showed an increase in the daily count of CRO whale transactions. In the past week, the daily count for whale transactions that exceeded $100,000 grew by 300%. Within the same period, the daily count for CRO whale transactions that exceeded $1 million went up by 50%.

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