The Crypto.com token, MCO, jumped by more than 39% in the past 24 hours as holders begin to swap their tokens for the Crypto.com Chain (CRO) token
The price of MCO has pumped 39% in the past 24 hours to see its intraday price jump to a new three-month high.
The reason behind the spike appears to be an increase in trading activity as traders poured into the market to swap their MCO for CRO in the hope of reaping bonuses.
The price of the token jumped to a high of $6.01 to hit a new 90-day high, with the spike coming within minutes of the announcement. The previous high was $5.88 reached in early June, while MCO traded at an all-time of $27 on August 29, 2017.
MCO/BTC is also up 36.19% on the day, with the pair trading at 0.00048459 per unit of Bitcoin. Traders are also seeing an uptick against Ethereum at 0.01413097 per unit, which translates to gains of over 32% over the past 24 hours.
The token, currently ranked as the 89th largest by market cap, is exchanging hands at around $5.59 at the time of writing. According to CoinMarketCap, the cryptocurrency has a market cap of $85.5 million. More than $76.9 million worth of the token has been traded in the past 24 hours.
The MCO token swap
The MCO token swap is only available via the Crypto.com App, where users are entitled to receive about 27.6439 CRO for each MCO token. There is also a 20% bonus for each coin swapped, which could see holders receive up to 33 CRO.
The platform has assured its customers that holders who have their tokens locked in staking wallets should not worry about missing out. According to an announcement published on August 3, Crypto.com noted that staked tokens will be converted into CRO as per the stated rates.
For instance, if a user has 500 MCO staked, the “stake will be converted into a 13,820 CRO stake,” the post added.
Holders are also going to continue enjoying the same benefits as before, including cash backs and rebates. Crypto.com offers up to 18% interest rates on staked coins, with holders earning weekly payouts.
Crypto.com said in the blog post that the swap program will continue until November 2020, with support for the token discontinued from then. However, the token will “live” as an ERC-20 token on the Ethereum network.