Crypto.com hit an intraday high of $0.7536 on Monday, reflecting a 91% jump from its November 17 price.- On November 17, the exchange won the rights to rename
Staples Center toCrypto .com Arena. - The token now boasts a $19 billion valuation.
Crypto.com coin has surged in the week since the exchange announced it had secured the naming rights to the home of Los Angeles Lakers and the Los Angeles Clippers.
Crypto.com rallied to $0.7536 on Monday, reflecting a 91% jump from its November 17 price of $0.3931. The coin hit an all-time high of $0.7984 on Sunday, which was a 103% rise from when the exchange announced the news.
The token of the Singapore-based cryptocurrency platform worked its way up to become the 13th largest cryptocurrency by market capitalization, according to CoinMarketCap. It now boasts a $19 billion valuation, up $10 billion from last Tuesday.
The company made headlines last week when it scored the marketing slam-dunk by $4 with the owner of the
For a whopping $700 million, the official home of the Los Angeles Lakers will now be named Crypto.com Arena.
"The deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy!" Meltem Demirors, chief strategy officer at CoinShares, said on $4.
This isn't the first high profile marketing push by the exchange. In October, Crypto.com enlisted Hollywood star Matt Damon for its first-ever $4 in a bid to broaden the name recognition of the platfom.
Crypto.com, which operates a platform that allows people to buy and sell cryptocurrencies, followed a similar move from the playbook of
Sam Bankman-Fried's exchange has inked a number of sports deals this year, including buying the naming rights to the home of the Miami Heat, now known as FTX Arena. It also recently tapped MLB phenom $4 to be its brand ambassador, joining a roster of stars that includes $4 and $4.