Why Ronin’s Price Tumbled After a Major Exchange’s Listing Mix-Up: Will the RON Listing Lead to a Rebound?
Binance, one of the world’s largest cryptocurrency exchanges, announced it would list Ronin (RON) on its platform. The Ronin_Network X ( formerly Twitter) account shared the news, stating that RON would be tradeable against Bitcoin, USDT, Binance USD, and Turkish Lira pairs. The announcement led to initial excitement within the Ronin community, which has long awaited a major exchange listing.
However, Binance clarified the initial announcement mistakenly referred to $RON instead of $RONIN. Crypto market analyst Satoshi_Talks highlighted in a tweet that this error led to a drop in RONIN’s price, an unusual outcome as listing announcements usually drive up asset prices.
In a series of tweets, Binance founder Yi He acknowledged the error and thanked the community for their feedback and suggestions. Yi stated that after an internal review, Binance discovered that it had previously integrated the Ronin blockchain to enable user withdrawals. External detection of this activity led to speculation about a potential Ronin listing on Binance.
Binance opted to list RONIN formally in response to the accidental leak. Additionally, Yi He outlined several adjustments being made internally:
- Projects found leaking listing information will receive warnings or termination of partnership
- Improve external communications protocols to prevent leaks
- Rewards up to $1 million for proof of employee insider information leaks
According to price data site CoinGecko, RONIN is trading around $2.67, down 18.54% in the last 24 hours but up 2.8% over the past week.
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Show more +This mix-up highlights how exchange listing announcements can significantly affect cryptocurrency prices. Binance quickly admitted the mistake and promised to enhance information security, boosting confidence. Likely, the Ronin community remains hopeful that this much-anticipated listing will still raise awareness and trading activity for RONIN.
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