Reporter: SS. Kurniawan | Editor: SS Kurniawan
KONTAN.CO.ID – Crypto.com Coin poised to overtake Shiba Inu. The price of this cryptocurrency jumped 90% in the past week, after reaching an agreement as the main sponsor of the sports arena in downtown Los Angeles.
Referring data CoinMarketCap, Crypto.com Coin price on Tuesday (11/23) at 21:20 WIB was at US$ 0.809 or up 9.4% compared to the previous 24 hours. In the past week, the price jumped 90.73%.
This price increase made Crypto.com Coin’s market capitalization penetrate the US$ 20 billion mark, to be exact US$ 20.43 billion, occupying the 13th position of the crypto with the largest market capitalization in the world, under Shiba Inu’s US$ 23.30 billion.
Crypto.com Coin’s market cap was still below US$10 billion on November 17 and soared to US$20 billion on Monday (22/11), before dropping slightly to US$19.47 billion on Tuesday (11/23).
The Staples Center, which opened in 1999, is home to four sports teams: the Los Angeles Lakers (NBA), Clippers (NBA), Sparks (WNBA), and Kings (NHL), and frequently hosts concerts and events such as the Grammy Awards. .
Through a 20-year naming rights agreement, the Staples Center will change its name to Crypto.com Arena, effective on Christmas Day or December 25.
The deal is worth more than $700 million over a 20-year span, two people familiar with the agreement told Bloomberg, as reported by Seeking Alpha.
“The resulting deal doubled the price of Crypto.com Coin and led to a $9 billion increase in market cap,” said Twitter account @Melt_Dem, as quoted Seeking Alpha. “Smart marketing strategy”.
Last week, Crypto.com Coin also announced a $100 million investment in an advertising campaign to spread awareness of the Singapore-based crypto brand.