{"id":573613,"date":"2024-02-06T18:00:11","date_gmt":"2024-02-06T18:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573613"},"modified":"2024-02-06T13:06:44","modified_gmt":"2024-02-06T13:06:44","slug":"ronin-plunges-nearly-30-after-binance-debut-raising-concerns-about-pre-listing-hype","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ronin-plunges-nearly-30-after-binance-debut-raising-concerns-about-pre-listing-hype\/","title":{"rendered":"Ronin Plunges Nearly 30% After Binance Debut, Raising Concerns About Pre-Listing Hype"},"content":{"rendered":"
Ronin (RON), the token powering the Ronin<\/a> 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.<\/p>\n 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.<\/p>\n However, the euphoria was short-lived. Coinciding with the Binance listing announcement<\/a>, 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.<\/p>\n 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.<\/p>\n 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.<\/p>\nFrom Hero To Zero: A Short-Lived Rally<\/strong><\/h2>\n
Ronin currently trading at $2.7899 on the daily chart: TradingView.com<\/a><\/pre>\n
Negative Sentiment And Selling Pressure Mount<\/strong><\/h2>\n
Source: Santiment<\/pre>\n