The Bearish Turn of Events
After a fleeting price surge, the cryptocurrency Ronin (RON) experienced a significant downturn, shedding nearly 30% of its value in the span of 24 hours. This drastic fall occurred shortly after RON was listed on the prominent exchange Binance, erasing the 15% gain it had previously achieved.
Breaking the $3 Barrier
Ronin’s price action has been particularly volatile, with the asset recently surpassing the $3 mark, a level it hadn’t seen since February of the preceding year. Despite this achievement, the price was met with strong resistance, leading to a current trading price of $2.54, significantly below the $3 threshold.
Market Cap Falls Below $1 Billion
The impact of the price drop is evident in Ronin’s market capitalization, which has now declined to $746.26 million, falling beneath the $1 billion mark. Nevertheless, RON still manages to maintain a price point indicative of a 23-month high, using the $2.5 support level to stave off further losses.
Social Sentiments and Market Reaction
According to Santiment data, Ronin has seen a spike in social activity, with a 254% increase in social volume. This heightened attention coincides with a rise in bearish sentiment, contributing to the increased selling pressure as evidenced by the 275% jump in 24-hour trading volume, now totaling $203 million.
From Top Gainer to Biggest Loser
Ronin’s recent price journey is a tale of extremes, having secured the top gainer position among the largest 100 cryptocurrencies before becoming the biggest loser within the same ranking. This shift in fortune follows a significant rally that saw daily active addresses on the Ronin network increase fivefold since last December.
Binance’s Role and Response
The downturn in Ronin’s price trajectory began mere hours after Binance initiated trading for RON. In the wake of speculation regarding Binance employees’ involvement in a potential pump and dump scheme, Binance’s co-founder Yi He has declared a $5 million bounty for information that could expose any illicit activities by exchange personnel.
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