Cronos (CRO) experienced a significant market cap decline of nearly $6 billion following an announcement by Trump Media Group (TMTG) regarding a $6.4 billion CRO treasury. Initially, the token saw a 40% surge, but this was quickly reversed due to selling pressure and weak on-chain demand. The downturn has pushed CRO out of the top 30 cryptocurrencies by market cap, with its price nearing pre-announcement levels. The broader cryptocurrency market's weakness and increased regulatory scrutiny of corporate crypto treasuries have also contributed to the sell-off. This development highlights the volatility and sensitivity of crypto markets to corporate announcements and regulatory environments.