The prominent cryptocurrency platform Binance has expanded its trading portfolio by introducing the Ronin network’s proprietary token, RONIN. This move allows users to trade RONIN paired with popular fiat and cryptocurrencies. Despite the usual positive market response to new listings, RONIN’s value took an unexpected dip following the announcement.
New Trading Opportunities on Binance
Binance’s addition of RONIN to its list of tradable assets offers investors access to the gaming-centered Ronin blockchain’s token. The exchange has scheduled the commencement of RONIN trades for today, providing several pairing options including RONIN/BTC and RONIN/USDT among others. Ahead of trading, Binance has enabled RONIN deposits, with plans to open withdrawals on the following day.
Unexpected Market Reaction to RONIN Listing
Contrary to typical market reactions, RONIN’s market price took a hit immediately after Binance’s listing announcement. Data from CoinMarketCap reveals a price drop from around $3.50 to $3.02, signifying an approximate 15% decline. This unusual market behavior bucks the trend where listings on major exchanges tend to boost altcoin prices.
The reasons behind this adverse reaction to what is normally favorable news for an altcoin are not immediately apparent. Industry observers find the negative price movement peculiar, as Binance’s platform is well-known for its potential to positively influence the values of newly added tokens.