Ronin surges by 20% in a day amid upcoming token unlock

Jan. 24, 2023 at 7:52 pm

By Soumen Datta

There will be two Ronin token unlocking rounds, with Sky Mavis releasing 15.85 million RON and ecosystem fund releasing 6.38 million RON.

Ronin (RON) has surged by 20% in the last 24 hours, about two days before its token unlock.

Ronin network will add 22.19 million RON worth currently $15.83 million (14.96% of the market cap) during the token unlock event scheduled for January 27, according to DropsTab insights. There will be two rounds of token unlocking, with Sky Mavis releasing 15.85 million RON and ecosystem fund unlocking 6.38 million RON.

As a result of a hack that siphoned $615 million from the Ronin network last year, the coin dropped massively. The price of RON fell from $2.26 to $1.10 within a month after the attack – a 53% decline.

After Terra-Luna collapsed, its price declined even further, losing more than 90% of its value from ATH in just a few months.

However, regarding the current price rally, some community members believe that upcoming RON staking after mainnet’s DPoS migration is a “major catalyst.” The announcement of Google Cloud as a Ronin validator during Axiecon last September and a pending mainnet migration might also contribute to the rally.