Ronin Network’s RON Token Surges 11% After Coinbase Listing

After being listed on Coinbase, the RON token of Ronin Network, which powers gaming activities on the platform, saw a surge of over 10%.

Ronin Network’s native RON token experienced an 11% increase, reaching a high of $4.12 on Mar. 21 following its listing on Coinbase. The Ronin Network team mentioned in a blog post that this listing coincided with a significant rise in daily activity, with active addresses growing by over 500% since February, surpassing previous peaks seen during the Axie Infinity craze in 2021.

Launched in early 2021 by Sky Mavis, Ronin Network is a blockchain platform tailored for play-to-earn on-chain activities. The network has introduced a range of web3 games like Axie Infinity, Pixels, and Wild Forest, enabling players to earn cryptocurrencies and non-fungible tokens (NFTs) through on-chain engagements.

Eliza Crichton-Stuart, head of operations at GAM3S.GG, pointed out that Ronin’s recent surge in on-chain activity could be attributed to increased engagement across various games, particularly Pixels, which boasts 619,000 daily active unique wallets.

Pixels, a game reminiscent of classic farming games like Harvest Moon and Stardew Valley, incorporates a crypto token economy along with NFT-based land plots and pets. Originally built on the Polygon network, the game migrated to Ronin Network last autumn, leading to a substantial boost in the platform’s adoption. The migration resulted in a significant uptick in daily active users on Ronin, which surged from around 20,000 last autumn.