Ronin Token Soars on Coinbase Listing Amidst Web3 Boom

Following its listing on Coinbase, the native token of the Ronin blockchain, RON, experienced a significant price surge, reaching a peak of $4.12 on March 21st. This surge coincides with the rapid growth of the Ronin ecosystem, marked by a 500% increase in active addresses since February and the addition of popular titles like Pixels to its gaming portfolio.

Ronin Token Soars on Coinbase Listing Amidst Web3 Surge

The native token of the Ronin blockchain, RON, experienced a significant price surge on March 21, following its listing on the prominent cryptocurrency exchange Coinbase.

RON, which facilitates gaming activities and economies within the Ronin network, surged by over 10%, reaching a peak of $4.12. This surge coincided with Coinbase's announcement that it would commence trading for the token on its platform.

Expanding Ronin Ecosystem

In a blog post, the Ronin team attributed the listing to the blockchain's rapidly growing user base and transaction volumes. Since February, active addresses on Ronin have increased by more than 500%, surpassing the peak levels witnessed during the Axie Infinity crypto gaming phenomenon in 2021.

"Coinbase has also experienced explosive growth this year as interest in web3 continues to escalate. Many of their users may be exploring web3 for the first time," the Ronin team noted.

Launched in early 2021 by Vietnamese gaming studio Sky Mavis, Ronin is an Ethereum sidechain designed to support blockchain-based play-to-earn games. Its ecosystem encompasses popular titles such as Axie Infinity, Pixels, and Wild Forest, enabling players to acquire cryptocurrency and NFT rewards.

Record Daily Active Unique Wallets

According to Eliza Crichton-Stuart, head of operations at crypto gaming media firm GAM3S.GG, Ronin's recent surge in activity may be primarily attributed to the farming game Pixels. The game has amassed over 619,000 daily active unique wallets interacting on the Ronin network.

Pixels is reminiscent of classic farming simulations like Harvest Moon and incorporates crypto tokens alongside NFT lands and pets. Initially built on Polygon, it transitioned to Ronin last fall, triggering a significant influx of users that propelled Ronin's daily active wallets from a mere 20,000.

Conclusion

The listing of RON on Coinbase, coupled with the surge in web3 interest and the popularity of farming games like Pixels, has fueled the expansion of the Ronin ecosystem. As more users explore the blockchain-based gaming landscape, RON's value and utility are expected to continue to rise.