Ronin Token (RON) Shows Resilience Despite Volatility on Binance Listing

Ronin's token (RON) showed strong resilience despite facing turbulence during its initial listing on the crypto exchange Binance.

Ronin Token (RON) continues to rally despite volatility following its listing on Binance.

a href=“/?s=Hassan+Shittu”>Hassan Shittu Last updated: February 6, 2024 04:25 EST | 3 min read

Ronin, the gaming blockchain developed by Sky Mavis, the creator of Axie Infinity, has demonstrated remarkable resilience in the performance of its token (RON), despite facing initial turbulence during its listing on the popular crypto exchange Binance. 🎮💰

On February 5, Ronin token prices experienced significant volatility, plummeting over 40% to $2.52 after a notable 28% increase the previous week. But fear not, dear readers, for at the time of reporting, RON is trading at $2.63, showcasing a steady recovery. 📈📉

Ronin Faces Market Challenges Amidst Price Volatility and Declining Market Cap

Since October 2023, Ronin has experienced a steep rise in prices, reaching a high of $3.34 on February 4, 2024, just below its all-time high of $3.61. However, there has been a recent decline, with the $3.50 mark confirming itself as a resistance level. 📉🔒

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But here’s the twist: Despite the dip in market cap below the $1 billion mark, currently at $746.26 million, Ronin’s social activity around the asset has surged by 254% in the past 24 hours. It seems like the power of the gaming community is not to be underestimated! 🚀🎮💪

Larsen, a prominent figure in the blockchain space, has attributed the sluggish growth in Ronin’s total value locked (TVL) to the aftermath of the 2022 heist, where North Korean hackers exploited the Ronin Bridge in a jaw-dropping $600 million attack. This, combined with the general decline in cryptocurrency prices, caused Ronin’s TVL to decrease from nearly $1.5 billion to under $50 million by the end of 2022. 😱💰

But don’t fret, dear readers, as the TVL currently stands at $156 million, with the Katana decentralized exchange contributing over 99% of the locked funds. Larsen himself has stated that competing for TVL with DeFi chains is not a priority for Ronin. Phew! 😅🔒

Binance Tightens Listing Plans and Offers Bounty

Following Ronin’s listing on Binance, the token experienced a sharp decline of 40%, igniting concerns of insider trading within the crypto community. But wait, there’s more!

Before the official announcement by Binance, astute users had speculated about the listing after observing token aggregation data on public blockchains. However, the announcement led to a massive sell-off as insider accumulation of RON tokens and subsequent swift sell-offs drove prices down. 🤔💸

An investigation revealed a concerning combination of token accumulation on blockchain scanners and leaked communications from within Binance, pointing towards insider trading activity. This illicit trading resulted in a rapid decline in price. Not cool, Binance! 🕵️‍♂️🤫

But fear not, dear readers, for change is on the horizon! Yi He, the co-founder and spouse of former CEO Changpeng Zhao, has addressed the situation by announcing stricter internal controls to prevent information leaks and ensure fairness in the listing process. She emphasized that leaks would result in listing cancellations or delays and vowed to tighten the management of new token listings to ensure fairness and integrity. 💪✨

Yi He also promised to strengthen the monitoring of scripts and welcomed information on crypto security vulnerabilities and staff leaks. In fact, she even announced that people who provide successful tip-offs will receive a bounty of between $10,000 and $5 million. That’s one way to get the community involved! 🕵️‍♀️🔒💰

Q&A: What You’re Really Wondering

Q: What impact did the Binance listing have on Ronin token prices?

A: The listing initially led to a significant decrease in prices, but Ronin has shown resilience, with prices now on the road to recovery.

Q: What caused the decline in Ronin’s market cap?

A: The decline in market cap can be attributed to a combination of price volatility and increased social activity around the asset.

Q: How did the recent heist affect Ronin’s total value locked (TVL)?

A: The aftermath of the heist, along with a general decline in cryptocurrency prices, caused a substantial decrease in Ronin’s TVL. However, the TVL has shown some recovery, with the Katana decentralized exchange playing a significant role.

Future Outlook: Bright or Not?

Despite the challenges faced by Ronin, the gaming blockchain shows promise for the future. Its resilience in the face of market volatility and its growing social activity are positive signs. As the gaming industry continues to thrive, Ronin’s innovative approach has the potential to attract more users and investors, leading to further growth in the long term. 🚀🎮💰

In conclusion, dear readers, keep an eye on Ronin and its journey in the gaming and blockchain space. Exciting things are happening, and who knows what the future holds for this resilient token!

Reference List: 1. Solana Retraces Back to Pre-Christmas Prices as BNB Retakes 4th Spot 2. Crypto Market Capitalization Surged 108% Despite Trading Volumes Plunging 316% 3. Fake Bitcoin ETF Announcement Proves SEC Approval in Sell-the-News Event 4. Ronin Token (RON) Rally Holds Strong Despite Volatility After Binance Listing 5. Concentric Liquidity Manager Exploited $18M With Private Key Hack 6. Hamas Victims Sue Binance for Alleged Assistance to Terrorists 7. Ronin on Google News 8. Binance CEO Denied Permission to Travel to US for Second Time

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