Ronin Token (RON) Demonstrates Resilience After Binance Listing
Ronin, the gaming blockchain developed by Sky Mavis, the creator of Axie Infinity, has shown resilience in its token (RON) performance despite facing initial turbulence during its listing on the crypto exchange Binance.
On February 5, Ronin token prices experienced significant volatility, dropping over 40% to $2.52 after a notable 28% increase the previous week. However, RON has since recovered and is currently trading at $2.63.
Ronin Faces Market Challenges Amidst Price Volatility and Declining Market Cap
Despite a recent decline in price, Ronin’s market capitalization has dipped below $1 billion and now stands at $746.26 million. However, social activity around the asset has surged by 254% in the past 24 hours.
The total value locked (TVL) in Ronin has shown sluggish growth, largely due to the aftermath of a $600 million attack on the Ronin Bridge by North Korean hackers in 2022. The TVL currently stands at $156 million.
Binance Tightens Listing Plans and Offers Bounty
After the listing of Ronin (RON) on Binance, the token experienced a 40% drop, triggering concerns about insider trading within the crypto community.
An investigation revealed that insider accumulation of RON tokens and subsequent sell-offs caused the sharp price decline. In response, Binance co-founder Yi He announced stricter internal controls to prevent information leaks and ensure fairness in the listing process.
Yi He emphasized that leaks would result in severe consequences and announced a bounty program for successful tip-offs on crypto security vulnerabilities and staff leaks.
Hot Take: Ronin Token Shows Resilience in the Face of Challenges
Ronin token (RON) has demonstrated resilience in its performance despite facing market challenges and volatility after its listing on Binance. Although the token experienced a significant drop in price, it has since recovered and is trading steadily.
While Ronin’s market capitalization has declined, social activity around the asset has surged. The total value locked in Ronin has shown sluggish growth due to past security incidents but currently stands at $156 million.
Binance has tightened its listing plans and implemented stricter controls to prevent insider trading. The exchange is also offering a bounty for information on crypto security vulnerabilities and staff leaks.
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