Nansen reported a 33.18% increase in Ronin Network transactions and $1.2B TVL, with RON token experiencing a 70% growth rate, indicating a bullish momentum.
Nansen, an on-chain analytics platform, reported that Ronin Network (RON) experienced a 33.18% increase in transactions over the past 24 hours. The total transaction count exceeded 2.55 million, which clearly indicates the increased level of user engagement. Questions regarding the network’s future potential and the potential for a price rally are raised by this surge. As momentum accumulates, attention is now directed toward its ongoing expansion within the blockchain sector.
Ronin Network Records 2.55 Million Transactions and $1.2 Billion in TVL
In the last 24 hours, Nansen has reported a substantial 33.18% increase in transactions on the Ronin Network, with a total of 2.55 million transactions processed. This surge suggests the ecosystem is experiencing heightened activity, which could lead to future growth and increased engagement.
The increase in transactions results from RON’s efforts to establish a strong presence in the blockchain industry, particularly in light of its strong affiliation with the popular game Axie Infinity. Ronin currently has a Total Value Locked (TVL) of $1.2 billion and 1.22 million daily active addresses. Ronin’s low fees and scalability have established it as the preferred blockchain for gaming and decentralized finance (DeFi) projects despite its limited support for only 15 games. This has resulted in its continued adoption.
Ronin Network is preparing for a significant transition to a permissionless blockchain in Q1 2025, which is anticipated to expand its ecosystem. The recent increase in transactions may suggest that the network is preparing for further growth, which could lead to an upward price movement for its native token, RON, as these developments play out.
The price movement indicates a bullish momentum
The price of Ronin Network (RON) was $2.36, representing an 8% increase in the previous hour. Its price has fluctuated between $2.049 and $2.36 in the past 24 hours, indicating consistent price movement. The token has experienced remarkable growth, with a 35% increase in value over the past week and an impressive 80% gain in the last month. The data from Coinglass suggests a substantial increase in the activity of derivatives trading.
RON has attracted substantial market attention, with a 24-hour trading volume of $56 million and a market capitalization of $824 million. The Ronin ecosystem’s emerging bullish sentiment is indicated by the token’s recent performance and the increase in network transactions. The RON price has the potential to experience further upward movement if the current momentum persists, as it could benefit from the upcoming network developments and the expanding user base.
