Ronin Plunges Nearly 30% After Binance Debut, Raising Concerns About Pre-Listing Hype

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,321,236,347	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,321,236,347

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00094	0.70%	0.13515	0.13512	0.13515

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00094

0.70%

0.13515

0.13512

0.13515

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13591	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13591

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:11:04	671.30	0.13515	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:11:04

671.30

0.13515

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,269,149.45	76,509,253.39	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,269,149.45

76,509,253.39

Ronin Plunges Nearly 30% After Binance Debut, Raising Concerns About Pre-Listing Hype

06/02/2024 6:00pm

NEWSBTC

Ronin (RON), the token powering the Ronin Network, experienced a rollercoaster ride in the past 24 hours, rallying to a two-year high before crashing nearly 30% after its listing on Binance. This dramatic price swing has raised questions about potential market manipulation and the long-term viability of the project. Related Reading: Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward From Hero To Zero: A Short-Lived Rally On February 5th, RON enjoyed a meteoric rise, surging 15% to reach a peak of $3.54. This rally was fueled by investor optimism surrounding the network’s growing user base and address activity. Trading volume spiked to $80 million, signifying increased market participation. However, the euphoria was short-lived. Coinciding with the Binance listing announcement, the price began a precipitous decline five hours after trading commenced on the exchange. By today, RON has shed nearly 30% of its value, currently trading at $2.54. This drop marks a breach of the crucial $3 support level, which the token had recently reclaimed after 14 months. Ronin currently trading at $2.7899 on the daily chart: TradingView.com Negative Sentiment And Selling Pressure Mount Social media sentiment surrounding RON mirrored the price action. Santiment data (chart below) reveals a 250% increase in social volume within 24 hours, but with a concerning shift towards bearishness. Negative sentiment spiked from 0.87 to 5.58, reflecting growing investor concerns. This negativity translated into significant selling pressure, with 24-hour trading volume soaring 275% to $203 million. Market participants, eager to offload their holdings, contributed to the downward spiral. Source: Santiment Related Reading: Crypto Winter In Spain? New Taxes Target Digital Assets Binance Under Scrutiny: Pump And Dump Allegations The timing of the price surge and subsequent crash has fueled speculation of a “pump and dump” scheme, with some accusing Binance of complicity. While no concrete evidence has surfaced, Yi He, Binance’s co-founder, acknowledged the concerns and announced a $5 million bounty program to expose any corrupt employees involved in such activities. Future Uncertain: A Cautious Outlook Despite the recent setback, RON still stands at a 23-month high compared to February 2022. However, the future remains uncertain. The sharp drop, shifting sentiment, and potential manipulation allegations have cast a shadow over the project’s prospects. Featured image from Adobe Stock, chart from TradingView

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DOGEUSD Dogecoin