CRO COIN BREAKING NEWS!!! MASSIVE BURN + CRYPTO.COM PAY TRIPLE CASHBACK
So without further ado, sit back, relax grab that friday morning cup of joe and enjoy the show, as we have two huge pieces of news coming out of krypto.com within just a couple of hours here. First, one is some double cashback rewards on crypto pay for fathers day weekend and secondly, we have a huge burn going on of crow, specifically within the past 24 hours, which is absolutely insane and definitely very good for the price action. So youre going to want to stay tuned for this one, and for starters here you can see that in celebration of fathers day, crypto.com pay is offering up to 20 cashback in crow for aeropostale dominos and nautica gift cards. Now this is not the first time they have done a promotion like this um. The first time was over easter weekend when they were offering double cash back on all video games and fashion gift cards, and we did cover that on the channel because i mean hey. I never heard anybody complain about double cashback, especially not in crow and crypto.com pay, something we have discussed on the channel as well. We covered it in the part. One of our crow coin explained series. If you have not checked that out, definitely go ahead and check that out, as we will be releasing parts two to five in the coming days, and also we talked about them here, as crypto.com pay became available to all shopify merchants on may 17th of 2022.
Now, for me, this was a huge deal because it just really raises awareness of a using cryptocurrency as a payment method, but specifically using crypto.com pay as your preferred cryptocurrency payment settlement processor, and what this does here is. It allows all shopify merchants to use crypto.com pay to accept crypto as a payment method and, furthermore, it opens up the potential to millions of users to actually use crypto.com pay feature to actually go on shopify and get what they would like. And i am a true believer that crypto.com is such a sticky ecosystem that whether people are signing up for crypto.com pay or the crypto.com visa that they will end up sticking around buying some themselves, some crow and getting more and more involved in the project. With time, and that is because crypto.com highly incentivizes you to purchase crow and lock it in the app to receive a ton of additional benefits, a very smart business plan, in my opinion, similar to how apple highly incentivizes you to have an iphone and then to have A macbook and then to have airpods, as they are all mutually beneficial and interconnected, and i see crypto.com doing the exact same thing here and crypto.com pay is no exception. So what you guys can see is that if you actually stake 10, 000 plus crow in the crypto.com main app, you get some wild benefits here, including double the cashback on all gift cards. So up to 10 here on food and beverages, and you also get 10 cash back simply for sending your friend money through crypto.
com pay in crow. So if i was to send my friend 100 cro, i would get 10 crow back just for nothing just for using crypto.com pay, which is a huge benefit, in my opinion, so breaking down the rewards that they actually have for fathers day here. You can see that if you have a 10 000 crow steak at least youre going to be getting 15 cash back at aeropostale. You want to buy your dad some pizza for a fathers day. Well, youre going to be getting 20 cash back in crow and if you want to get them some clothes from nautica, you are going to be receiving 15 cash back in crow and because the way crypto.com pay is structured and because you are purchasing the gift cards Through crypto.com pay, what ends up happening is you can just purchase these gift cards and then sit on them? You dont even need to use them right away. So lets say you dont want to buy your father or something for fathers day, which you should be kind, but lets say you dont, and you just want to load up on some dominoes or some aero apostle gift cards for yourself well from the 16th to the 19Th of june, you can just buy these gift cards to receive the additional cash back and then sit on them. You can choose to wait and sit on these gift cards until christmas. If you wanted to and then use them around christmas time, as you have already received your 20 cashback in crow, simply for doing it within this three day period, so it can definitely be very, very advantageous for us as krypto.
com users. You know just to get that additional cash back, and it is something that i want everyone to be aware of, especially right now, when times are tough, i think that any opportunity we get to receive double to three times the cashback rewards is something that we should Definitely be jumping on so now. Moving on to the second piece of news, and in my opinion, the much more important piece of news here is the massive burning that has been going on at crypto.com over the past 24 hours now. Im sure most of you at this point are well aware of the 70 billion burn for crow. That happened on the 22nd of february 2021. It was the largest token burn in history, with 59.6 billion, crow being burned right off the bat, an additional 10.4 being locked in a smart contract to be burned monthly and then a remaining 5.9 billion crow being allocated to main net rewards, as well as for chain Ecosystem development and were not going to go too in depth today on why this is so important, because tomorrows video part, two of the crow coin explained series is actually going to be all about the utility of crypto.com coin rather kronos coin, as well as the tokenomics, But really to summarize, what you guys need to know here is they effectively reduce the flow from 100 billion down to 23.6 bill, a 75 plus percent float reduction and obviously just very basic supply and demand lower flow equals less supply to feed the demand.
This means that every single time somebody is buying a crow that crow is more valuable, so it increases the price and additionally, here what it does on the flip side is reduce selling pressure. So here we have the burn wallet on ether scan i like to check in with it every once in a while, and just make sure that the burning is going to plan going consistently and what youll notice here is that in the past 24 hours they have Really ramped up the amount of crow that they have been burning so much so that theyve actually burned 23.86 million crow within the past 24 hours, thats right they burned about one percent here of the uh current supply in the past hour. Obviously this was already set aside in the burn wallet address, but its really interesting to see that crypto.com has been ramping up the burns and if we actually take a look at the individual transactions here i mean you can see. Weve got some 8 000 burns. Weve got some 1 500 burns, some 2500 burns, and then there was one transaction here. I believe that was for. Where is it? Look at this? They burned 58.8 000 crow in one transaction, another 13 and 400 crow in another transaction theyve just been burning, crow left right and center. Now why would they be specifically burning so much crow in the past 24 hours, and i do really believe that this is a part of their strategy to actually reduce the selling pressure of crow, as they are effectively increasing the value of all the crow that is Left standing and if we actually take a look on trading view here, i do think their strategy is actually going to plan.
So you can see that at the moment we got bitcoin down at seven percent each ten percent xrp eight percent, a max 12 hbar, 8.6 percent, like these coins, are just getting smashed over the past week, but especially these past couple of days, and here we have Crow only down a modest 0.89, it is not even down one percent and youll notice here that crow has really held that 10 cent level very strongly. So i do believe that crypto.com is somewhat trying to hold the line uh give or take at this 10 cent level and selfishly i kind of wish that maybe they wouldnt do this, because i would love to pick up some crow at like five cents. I would absolutely load up my bags even more at those prices, but on the other hand, i do think that it is very beneficial for people to see crow holding stable at this 10 cent level, and i do believe that, because crypto.com has every intention of burning The 76.6 billion crore, regardless that they figure they may go ahead and do it now, while we have this market turbulence now, if we take a look from a technical perspective here, the next level that i personally am looking to maybe pick up some crow at would Be at this five and a half cent level so low on the chart. You cant even see it as really. These are prices that we have not been at since, like early 2021, but if we did go back to those prices, i mean it wouldnt.
Surprise me, as most of these other coins have already hit their 2021, if not their 2020 price levels, so to see crow back to that five and a half five cent level would not be impossible, and that would represent another 50 drawdown from here. I do believe, however, that crypto.com is really just doing what they can to sort of keep the price stable. In the meantime, however, if they do want to speed up the burn process or even do another burn down the line, that is definitely something i would be a fan of, so i just wanted to bring you guys this video, real quick to. Let you know on what has exactly been going on with crow, why it has been holding up a little bit better than the rest of the crypto ecosystem in these past 24 hours, and also bring to your attention the phenomenal deals that will be going on at Crypto.Com pay over this weekend now with that said, i hope you guys did enjoy this quick little update. As for the rest of the weeks plan, while im on vacation tomorrow, you guys can expect to see part two which will be the crow coin: utility slash tokenomics on a saturday. Rather sorry sunday will be part. Three enter the chronos chain. Part four is going to be the future of the kronos chain and then part five to summarize is going to be five reasons why crow is going to explode, in my opinion, in the next five years.
So this is a series that i did put a lot of work into. I do hope that you guys enjoy it while i am on vacation and definitely let me know if you guys want to see more videos like that, but as for this video, i hope you guys do enjoy your fathers day weekend. I hope, despite all of the turbulence in the crypto markets, that you are still all remaining happy safe and healthy, and i will catch you guys in the next one peace out for now.