Ronin Network’s RONIN Token Tumbles 20% After Binance Listing

Binance, the world’s leading cryptocurrency exchange, recently revealed plans to list the Ronin network’s native token on its platform, nabbing noteworthy attention across the global crypto realm. With this listing, Ronin, an Ethereum sidechain network designed for gaming, advances further with its cryptographic venture, fueling speculations among crypto market enthusiasts globally.

Ronin Listing Emerges Amid DAU Rise

According to the statement released by Binance, the CEX plans to commence trading for RONIN spot trading pairs starting February 5 at 15:30 UTC. The pairs RONIN/BTC, RONIN/USDT, RONIN/FDUSD, and RONIN/TRY will be listed on the crypto trading platform.

Furthermore, users can now start depositing tokens in preparation for trading, while withdrawals for the same will be extended on February 6 at 13:30 UTC. Notably, the listing fee is also set at 0 BNB, as per Binance’s statement. Moreover, the seed tag is added next to the crypto, illustrating high volatility and riskiness orbiting the gaming token.

Meanwhile, the token’s DAU (Daily Active Users) chart also showcased a phenomenal surge in recent days, portraying increased activity on the network. Binance’s listing, coming subsequent to the surge in DAU, appears to align with the token’s burgeoning popularity.

However, market charts for the token portray a drop in price soon after Binance’s listing.

Also Read: Giant Whale Dumps 33K Ethereum To Binance, ETH Crash Ahead?

RONIN Price Drops

As of writing, Ronin’s price noted an 18.50% fall promptly after Binance’s listing announcement surfaced over the crypto horizon. The Ronin price is currently trading at $2.84, whereas its market cap totaled $831.99 million, and its 24-hour trading volume equaled $96.98 million, as per data by TradingView.

Meanwhile, with the token’s price witnessing a plunge soon after Binance’s listing announcement, market sentiments appear to be turning bearish. However, the crypto community awaits to see a substantial price action shift following the announcement as Binance jacks up the token with its listing.

Also Read: CoinDCX CEO Expects A Cut In India’s Crypto Tax Rate After 2024 Elections

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