Ronin Token Falls By 20% After Binance Listing

Ronin token a native token on Ronin network will be available for spot trading on Binance starting from February 5.

Binance the most prominent cryptocurrency exchange in the world recently disclosed its intention to sell the native token of the Ronin network on its platform.

This announcement has garnered significant attention in the cryptocurrency community worldwide. Ronin, an Ethereum sidechain network developed specifically for gaming, has made substantial progress with its cryptographic enterprise fueling speculation among lovers of the cryptocurrency market worldwide.

Following Binance’s statement, the CEX intends to initiate trading for RONIN spot trading pairs beginning on February 5 at 15:30 UTC. There will be a listing on of Ronin token in the cryptocurrency trading platform for the pairs RONIN/BTC, RONIN/USDT, RONIN/FDUSD and RONIN/TRY.

Users can now start depositing Ronin tokens in preparation for trading and withdrawals will be extended on February 6 at 13:30 UTC. Additionally, users can immediately start trading Ronin tokens at this time. Binance has established the listing cost at 0 BNB, according to their statement.

Furthermore, placing the seed tag after the cryptocurrency illustrates the high level of volatility and riskiness surrounding the game token. During this time, the token’s DAU (Daily Active Users) chart also showed a significant increase in recent days, indicating a rise in network activity.

It would appear that the listing on Binance which occurred after the increase in DAU, is in line with the token’s growing popularity. As of writing this article, the announcement of Binance’s placement on the cryptocurrency horizon has caused the price of Ronin to decline by 18.50%.

According to data provided by TradingView, the price of Ronin is presently trading at $2.84. At the same time, its market value was a total of $831.99 million and its 24-hour trading volume was equal to $96.98 million.

In the meantime, market sentiment appears to be growing sour due to the token’s price experiencing a drop shortly after the announcement of Binance’s listing.

Following the announcement, the cryptocurrency community is anticipating a significant price action shift due to Binance’s listing of the token, which will result in the token’s price increasing.