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

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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. 

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.

Token unlocks

A bull­ish sen­ti­ment has dom­i­nat­ed the start of the new year, with Bit­coin up 39% since Jan­u­ary 1. With token unlock events going live, some promi­nent alt­coins are also gain­ing ground, with BTC prices rising.

Axie Infin­i­ty (AXS), based on Ronin, surged by 40% before releas­ing $64 mil­lion worth of AXS-locked tokens. The decen­tral­ized deriv­a­tives exchange dYdX‘s cryp­tocur­ren­cy gained more than 60% this month before its token unlock­ing event on Feb. 2.

By gain­ing more than $250 bil­lion since Jan. 1, cryp­tocur­ren­cy mar­ket cap­i­tal­iza­tion has crossed the $1 tril­lion mark, with spec­u­la­tive alt­coins play­ing a part.

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