Today, I'm excited to talk about a cryptocurrency that's been gaining a lot of attention lately: Ronin (RON). This is the blockchain behind one of the most well-known and pioneering games in the cryptocurrency world, Axie Infinity. The most amazing news? Ronin is bucking the trend, thriving while many other cryptocurrencies are retreating.
Over 50% Appreciation in the Month
image source
As of the time of this post, Ronin has seen a week-over-week appreciation of over 12% and a month-over-month appreciation of over 50%.
For those following the crypto world, you know that the Fear and Greed Index is an important gauge. Surprisingly, Ronin is standing out, with its RON token rising for the past five consecutive weeks. It has reached its highest point since January of last year, boasting an impressive increase of over 1,613% since its lowest level in 2023. That's no small feat, folks!
Keep in mind that its highest price so far has been exactly $4.29, and we're almost there.
Statistics sourced from CoinGecko
While other cryptocurrencies like Bitcoin, Solana, Avalanche, and others were facing declines, Ronin stood out. Bitcoin, for instance, fluctuated between $45,000 to $42,000. Even the crypto Fear and Greed Index took a turn from extreme greed to a neutral point. Ronin is defying expectations and showing it's here to play.
Ronin and its Ecosystem
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Now, for those unfamiliar, Ronin is more than just a crypto. It's an essential part of the blockchain industry, especially in the gaming universe. It supports some of the well-known Play-to-Earn games like Axie Infinity, currently in Classic and Origins versions, Axie Champions, The Machines Arena, and Bowled. That speaks volumes about its relevance and presence in the market.
Over 660,000 Ronin Addresses
What intrigues me is why Ronin is rising so fast, especially considering that the gaming industry didn't grow as much as some expected in 2021. One possible reason could be the growth in the number of active addresses on Ronin in recent months. These active addresses have surpassed 660,000, reaching the highest level since November 2021.
This is a notable jump, especially when compared to less than 15,000 active addresses last year. Daily unique addresses are also impressive, totaling over 635,000. Ronin is gaining strength and popularity, and these numbers are a clear sign of that.
Another factor contributing to Ronin's rise is good old FOMO - Fear of Missing Out. As we know, cryptocurrencies tend to rise when investors enter a bull run, fearing they'll miss out on opportunities. Ronin is not exempt from this narrative. The overall market momentum, fueled by FOMO, is contributing to this remarkable growth.
And if you still have doubts about Ronin's potential, take a look at the open contracts in the futures market. Data shows that the total open futures contracts reached an impressive record of over $23 million. It's important to note that these numbers come from OKX, the only exchange offering this futures product.
Personal Opinion
In conclusion, Ronin is definitely making waves in the cryptocurrency world, and it's worth keeping an eye on this ever-evolving story. As the blockchain gaming industry grows, and FOMO continues to drive the market, Ronin seems to be on the right path to becoming an even more crucial piece in this crypto puzzle. I'm definitely excited to see what the future holds for Ronin and how it will continue to defy expectations.
This post is part of my submission to the #februaryinleo writing prompts initiative. You can check out the prompts and more details in this post: February Monthly Prompt
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