Ronin (RON) Reclaims $1 Billion Market Cap Following Coinbase Listing

Coinbase has listed Ronin (RON), helping to raise the cryptocurrency’s market value above $1 billion.

RON, the native token of the gaming-focused blockchain Ronin, has scored its second major exchange listing in under two months. Roughly one month after Ronin’s listing on Binance, another popular exchange, Coinbase has announced that users can now trade RON on its platform.

In the Wednesday announcement, the exchange noted that it would add support for RON on the Ronin network. Hence, users can only deposit and withdraw the asset via its native network. Coinbase expects trading to begin on March 21 or around 12:00 pm ET if liquidity conditions are met.

Coinbase will add support for Ronin (RONIN) on the Ronin network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) March 20, 2024

Ronin (RON) Price Reacts to Coinbase Listing News

Following news of the Coinbase listing for Ronin, the cryptocurrency’s price jumped from $3.26 to $3.55 in a few minutes. This development is not entirely surprising, as Coinbase is easily one of the most widely used exchanges in the world.

While Ronin is already available on Binance and other exchanges, the Coinbase listing opens up the cryptocurrency to the American investor audience. Coinbase has an estimated 100 million users, many of whom could be getting exposure to Ronin (RON) for the first time.

Meanwhile, Coinbase’s decision to list RON comes only a few days after the Ronin Network hit the milestone of one million active addresses. Unlike traditional blockchains like Ethereum and Solana, which attract decentralized applications (dApps) from different industries, Ronin focuses on the Web3 gaming ecosystem.

The network was originally developed by Sky Mavis, the gaming studio behind the popular Web3 game Axie Infinity. Since its launch, Ronin has expanded to become a base for Web3 games, with new titles coming onto the blockchain and attracting more users to the network.

Overall, Ronin’s native currency, RON, has had an impressive start to 2024, moving from its year-opening price of around $1.90 to $3.50 at the time of writing. Its market cap has also now reclaimed the $1 billion mark, having fallen below that level in the wake of the recent crypto market selloff.