CroNodes (CRN) crypto declines 77% in a week. Is it a scam?

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CroNodes (CRN) crypto declines 77% in a week. Is it a scam?

CRN crypto
Image source: © Bravissimos | Megapixl.com
Highlights:
  • The CRN crypto is the native token of the CroNodes protocol.
  • Users are alleging the CRN crypto to be a crypto scam.
  • To get hold of the CRN token, users have to get it through CRONASWAP, a decentralized exchange on Cronos chain.

CroNodes (CRN) crypto appears to be gaining the attention of crypto enthusiasts, however, due to wrong reasons. The price of CRN crypto is declining massively, and some enthusiasts have alleged it to be a scam token.

At the time of writing, the price of CRN crypto was down 31 per cent to US$ 8.22 per token and details of its one-day volume and market cap was not available, according to CoinMarketCap (CMC).

At 10 AM EST, the global crypto market cap was up 1.36 per cent over the previous day to US$ 1.76 trillion, and the crypto volume was down 12.13 per cent to US$ 84.08 billion.

What is CroNodes (CRN) crypto?

The CRN crypto is the native token of the CroNodes protocol, and it can be used to create a note on the platform. Meanwhile, CroNodes describes itself as an investment vehicle.

According to the whitepaper, CroNodes is a fork of decentralized finance (DeFi) as a service platform (DaaS). CroNodes thought of bringing the Cronos chain, and it was marketed massively and appeared during Superbowl Ads and other events.

CroNodes' website claims that users get an excessive yield potential, and it combines returns across multiple chains and allocates rewards to yield holders.

Also Read: Why Waves (WAVES) crypto rallied around 100% in a month?

Also, the protocol claims to be user-friendly and says that users are not required to pay any maintenance fees, manage subscriptions or engage with complex software.

The protocol mentions that as part of CroNodes, users join a community of node holders and pool resources to generate high yields.

CRN crypto                                                                          ©2022 Kalkine Media® 

To get hold of the CRN token, users have to get it through CRONASWAP, a decentralized exchange on Cronos chain.

Bottom line

According to CoinMarketCap, details like the circulating supply and market cap of the cryptocurrency are not available. The CRN crypto ranks at 9,516th position. Therefore, it cannot be said that the token is very reliable.

Users are alleging the CRN crypto to be a crypto scam, and a user named 'imstillmsk' wrote on CMC that the token is done and it would empty the liquidity protocol and pack up before next weekend.

Meanwhile, a user named 'antoninologgia' called CRN crypto to be a part of a ponzi scheme. According to CoinGecko, the price of CRN crypto declined 53.8 per cent in a month and about 69 per cent in the last 14 days.

Also Read: Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a scam?

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CroNodes (CRN) crypto appears to be gaining the attention of crypto enthusiasts, however, due to wrong reasons. The price of CRN crypto is declining massively, and some enthusiasts have alleged it to be a scam token.

At the time of writing, the price of CRN crypto was down 31 per cent to US$ 8.22 per token and details of its one-day volume and market cap was not available, according to CoinMarketCap (CMC).

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