The crypto market never ceases to mess up with our emotions. A coin or token might be soaring today, then it tumbles soon after. We should already be used to it by now, but some of us still couldn't (me included). Although I don't mind it that much these days. The market does what it does anyway, whether we like it or not.
The previous days have seen some surprising actions in the market and let me share 2 of the coins that have had some significant actions.
Ronin ($RON)
$RON, the ecosystem token for the Ronin blockchain was up from $2.56 at the end of January to $3.49 based on the Coingecko chart. It was up 15% in the last 24 hours and reached a market cap of over $1 billion.
According to a post on X, the daily active wallet addresses have been increasing. From the chart, we can see that the numbers doubled in the last 30 days (1st January to 1st February) which seems to indicate a growing interest in the token.
https://twitter.com/Pirateed_/status/1753840592877211664/photo/1
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A few hours ago, Binance announced that it will list the token at 13:30 UTC today with the following pairs:
- RONIN/FDUSD
- RONIN/USDT
- RONIN/BTC
Ironically, the price suddenly crashed back under $3 after a huge volume sell-off around the announcement time. Perhaps a coincidence? Wonder what happened there. Whale playing games?
Anyhow, the price is hovering between $2.80 to $2.89 at the time of this writing. The market cap has now dropped to around $800 million. It will be interesting to see how it goes when trading finally commences on Binance in less than an hour.
$LINK
Chainlink token, LINK is another eye-catcher with its price on the rise these past 7 days. It has risen by over 30%, from $14.33 to $19.54, and is still in the upside momentum today, with a strong trading volume of over 1 billion and a market cap of over $11 billion.
Speculations of institutional investors accumulating. Spot on Chain, a data analyst, posted on X that 8 new wallets (presumed to be one individual or institution) have jointly withdrawn 227,350 LINK.¹ Others are saying we might see LINK to $20 within the day. Experts analysts are predicting that if the daily candle closes above $19, there will be a potential break out in the near future.
The significant surge in price, recent breakout from the consolidation zone, accumulation of LINK tokens by whales, and record transactions all underscore the growing interest from investors and institutions in LINK.²
This speculative news (of large amounts of LINK being taken away from centralized exchanges and the timing they had been made), seems to have influenced the market sentiment and perception and is being reflected in the current price of the token.
Summing Up
These are just the two most surprising movements in the market (at least for me). RON's price drop is quite unexpected. Usually, coins getting listed in the biggest crypto exchange have some significant upside on their prices but it did the opposite.
LINK on the other hand seems to be enjoying the upside movement, but it will be interesting to see how it will turn out at the end of the day, or in the following days.
Do you think LINK will cross the $20 price soon?
For infotainment only.
Lead image created on Canva. Logos from Ronin and Chainlink. Screenshots linked to their sources (Coingecko). No copyright infringement intended. 20:55ph