Crypto Gaming Altcoin Follows Axie Infinity (AXS) With Parabolic Surge, Rallies 184% This Month
A crypto gaming altcoin is following Axie Infinity (AXS) on a parabolic surge of its own, more than doubling in value this month.
Ronin (RON), the Ethereum (ETH)-linked sidechain designed specifically for the Axie Infinity ecosystem, soared in price this month from $0.26 at the start of the year to $0.74, a more than 184% increase.
RON, the 258th-ranked crypto asset by market cap, continues trading at $0.74 at time of writing. Ronin’s surge came as the Axie Infinity also soared ahead of Monday’s $60 million token unlock event.
AXS surged from a low of $6.11 at the start of the year to a high of $13.92 this past weekend. It has since dipped down at time of writing to $11.87.
The AXS rally was unusual since prices of tokens frequently dip ahead of their token unlocks, which allows investors a chance to sell their tokens after vesting periods expire.
Axie Infinity’s next token-unlocking event will occur on April 17th. The unlock will represent 1.45% of the asset’s total supply worth nearly $45.9 million at time of writing, according to TokenUnlocks.
In a 2020 whitepaper, Trung Nguyen, co-founder and CEO of Axie Infinity creator Sky Mavis, says,
“Ronin will continuously evolve over the years to serve the spirit and ethos of blockchain gaming. On the technical side, we are also looking into various solutions to further strengthen and scale Ronin.”
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