Crypto.com Coin gains 80% following last week's title sponsor deal

Crypto.com Coin (CRO-USD) surges almost 80% since last week's deal with sports entertainment firm AEG to replace Staples as the title sponsor of downtown Los Angeles's sports arena, according to the company's release. Specifically, through a 20-year naming rights agreement, the formerly known STAPLES Center will become known as Crypto.com Arena, effective on Christmas day. Its market cap of just under $10B on Nov. 17 jumps to as high as $20B on Monday before pulling back a bit to $18.3B. Apparently, the deal is worth more than $700M over the span of 20 years, two people familiar with the matter told Bloomberg. "The resulting PR doubled its token price and led to a $9B run-up in market cap," @Melt_Dem says via Tweet. As a result, "the deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy," Note like all cryptos, the market price of