CRO has emerged as the market’s top gainer, surging nearly 50% in the past 24 hours. The rally is fueled by renewed strength in the broader crypto market and news of Trump Media Group (TMTG) acquiring CRO tokens.
While the surge has drawn bullish attention, on-chain signals point to a market that may already be overheated, raising the likelihood of a near-term pullback.
CRO Rockets on $6.42 Billion Trump Media Buzz
CRO has surged nearly 50% in the past 24 hours, with much of the rally tied to reports linking Trump Media to a large-scale CRO acquisition.
BeInCrypto reported that earlier news suggested Trump Media was preparing to purchase $6.42 billion worth of CRO tokens, which fueled market speculation and spurred bullish sentiment.
However, new disclosures now indicate that the plan is more measured. Rather than an immediate $6.42 billion buyout, the company will begin with approximately $200 million in cash and a token position equal to around 19% of CRO’s market cap.
Traders Pile Into Longs, Raising Liquidation Risks
As CRO surged, its futures traders have rushed into long positions, pushing the token’s long/short ratio to a 30-day high. As of this writing, this stands at $1.08, per Coinglass.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The long/short ratio measures the balance between traders betting on price increases versus those anticipating declines. A reading above 1 indicates that more traders are taking long positions, signaling strong bullish conviction, while values below one indicate a high demand for shorts.
While CRO’s long/short ratio suggests confidence in its
Go to Source to See Full Article
Author: Abiodun Oladokun
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
