Ronin (RON) surged 20% in the last 24 hours, about two days before the token was unlocked.
According to DropsTab insights, the Ronin network will add 22.19 million RON, currently worth $15.83 million (14.96% of the market cap), during the token unlocking event scheduled for January 27th. There will be two rounds of token unlocking, with Sky Mavis releasing 15.85 million RON and ecosystem funds unlocking his 6.38 million RON.
Last year, the coin dropped significantly following a hack that siphoned $615 million from the Ronin network. The price of RON fell 53%, falling from $2.26 to $1.10 within a month after the attack.
After Terra-Luna collapsed, its price dropped even further, losing over 90% of its value from ATH in just a few months.
However, regarding the current price increase, some community members believe RON staking after the mainnet DPoS transition is the “major catalyst”.announcement of Google Cloud as a Ronin Validator The pending mainnet migration during Axiecon last September could also contribute to the rally.
With a market cap of $105.91 million and a self-reported circulating supply of 148,339,298 RON, Ronin is currently trading at $0.7117.
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Bullish sentiment dominates the start of the new year, with Bitcoin up 39% since January 1st. Several prominent altcoins have also gained support as the token unlocking event kicked off, driving BTC’s price up.
Ronin-powered Axie Infinity (AXS) surged 40% before releasing $64 million worth of AXS rock tokens. The cryptocurrency on decentralized derivatives exchange dYdX surged more than 60% this month ahead of its token unlocking event on February 2nd.
With over $250 billion since January 1st, the cryptocurrency market capitalization has crossed $1 trillion, with speculative altcoins playing a role.
