$RON enjoyed a hefty price rally thanks to the Ronin Network’s ecosystem expansion and a crucial change proposed to its consensus mechanism.
The team announced the Ronin upgrade to a delegated proof-of-stake consensus algorithm on August 30, 2021. They rolled out the first testnet of the DPoS chain in January 2023.
30% of the RON’s circulating supply is currently committed toward staking. This is encouraging as the staked tokens are less likely to be sold.RON price suffered significantly after the hack in March 2022 as its price declined around 90% from $2.10 to lows of $0.22 in a couple of weeks after the attack. Since then, RON has traded below $0.50 throughout the rest of 2022 before surging up almost a year after the incident.
Technically, buyers have the upper hand as the RON/USD pair broke above the resistance from the February 2023 peak at around $1.01. As the resistance flips to support, buyers will likely target the 2022 breakdown levels at around $2.10.by the Ronin team launched in January 2023 also pushed the prices of Axie Infinity tokens AXS and SLP. Liquidity providers who paired RON with AXS or SLP received between 12,000 to 25,000 RON, worth around $13,500 to $28,250 at last trading prices.
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