According to the official announcement from Ronin (RON), Ronin Treasury will begin a RON buyback program from the market starting September 29.
The treasury currently holds over $4.5 million in assets, including 895 ETH and 650,000 USDC.
Under the plan, Treasury will convert 100% of its ETH and USDC holdings into RON. Based on current prices, this move equates to approximately 1.3% of the circulating RON supply.
At the time of writing, the RON price was trading at $0.5281, rising 7.41% in the last 24 hours due to this news. The token reached an all-time high of $4.50 on March 13, 2024, and bottomed out at $0.1976 on November 22, 2022.
For RON to return to its record level, it would need to increase approximately 8 times from its current level.
Listed on Binance, the token is generally recognized as a gaming blockchain and is specifically associated with Axie Infinity (AXS).
*This is not investment advice.