The Ronin blockchain has been around since 2021, with the RON token and Katana DEX launching in 2022. Upon release in January 2022, RON’s price hit $US3.75, but dropped to the $US2 range within a month. From mid-2022 and most of 2023, the value of RON fluctuated between below $US0.50 to just over $US1.

Since the start of 2024, the RON cryptocurrency had been steadily climbing in value, and rose to above $US3 by February. Much of the gains were attributed to the launch of the Pixels game on the Ronin network in late 2023, which significantly lifted its user base.

A 30% price surge in the week prior to an announcement of the token’s listing on the world’s largest centralised exchange, Binance, on February 5 sparked insider trading allegations. Within an hour of the listing, the coin’s value dipped 18%, and ended the day down 26%.

The price also slightly dipped later in February following the news that the personal crypto wallets of one of the network’s co-founders’, Jeff Zirlin, had been hacked. Zirlin lost 3,248 ETH, valued at $US9.7 million at the time.

Despite these challenges, hype around the growing popularity of Pixels—which has been one of the fastest growing games in terms of player numbers—helped Ronin maintain upwards price momentum. The cryptocurrency’s value reached an all-time high of $US4.50 in March.

At the beginning of June, Ronin was valued at $US3.17 with a total market capitalisation of $US1.03 billion, according to CoinMarketCap data.