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.
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.