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Ronin Network sees 33.18% transaction surge

Ronin Network sees 33.18% transaction surge

GrafaGrafa2024/12/05 13:10
By:Liezl Gambe

The Ronin Network (CRYPTO:RON) has reported a significant 33.18% increase in transactions over the past 24 hours, indicating heightened user engagement within the ecosystem.

According to on-chain analysis platform Nansen, this surge has raised the total transaction count to 2.55 million, reflecting a growing interest in the network.

In the past week, RON has seen impressive gains of 35%, and it has increased by 80% over the last month.

Pav Hundal, Chief Market Analyst at Swyftx, explained that this uptick in transactions suggests a concentration of activities within Ronin’s ecosystem.

The Ronin Network is closely associated with the popular game Axie Infinity and boasts 1.22 million daily active addresses alongside a Total Value Locked (TVL) of $1.2 billion.

Despite supporting only 15 games, Ronin's low fees and scalability have made it a preferred choice for gaming and decentralized finance (DeFi) projects.

Looking ahead, analysts are optimistic about RON’s price potential, especially with anticipated changes to transition Ronin into a permissionless blockchain by the first quarter of 2025.

This transition is expected to further expand the ecosystem and enhance user base growth.

With a market cap of $824 million and a 24-hour trading volume of $56 million, the recent performance of RON points to a bullish sentiment surrounding the Ronin ecosystem.

As user engagement continues to rise alongside price growth, the outlook for RON remains positive. 

Investors are encouraged to monitor these developments closely as they may influence future price movements and network expansion.

At the time of reporting, the Ronin price was $2.30.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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