The rise of Ronin and SATS in a week of surprising gains in the crypto market
Both cryptocurrencies, Ronin and SATS, are up by nearly 30% in the last seven days.
The cryptocurrency market witnessed notable gains this week, with two digital currencies, Ronin (RON) and SATS (Ordinals), standing out, both up by nearly 30% in the last seven days.
Ronin, a blockchain network designed for the Axie Infinity game, and SATS, a token based on the Ordinal protocol, experienced significant price rallies, attracting the attention of investors and market analysts.
While Ronin and SATS have shown impressive gains, investors and market observers must remain cautious. Cryptocurrency investments are subject to market risks, and prices can fluctuate widely.
Ronin’s price showed a remarkable increase over the week. This rally can be attributed to several factors, including its integral role in the popular game Axie Infinity, the growing interest in gaming-based cryptocurrencies, and the overall market trends.
Ronin is a blockchain platform developed by Sky Mavis, the creators of the popular game Axie Infinity. It was launched to address issues of scalability and high transaction costs on the Ethereum network, where Axie Infinity originally operated.
Ronin functions as a sidechain to Ethereum, enabling faster and more cost-effective transactions. This blockchain is specifically designed for gaming, optimizing near-instant transactions with minimal fees, and has become a pivotal part of the Axie Infinity ecosystem.
As of recent data, Ronin (RON) has seen notable movements in its market metrics. The live price of Ronin is approximately $2.87, showing a 6.72% increase over the last 24 hours, and up nearly 30% in the last 7 days. This brings Ronin’s market capitalization to around $838,216,735, ranking it at #72 in the cryptocurrency market.
The 24-hour trading volume for Ronin is reported to be around $29,379,889, which is a significant figure, indicating active trading of the currency. It’s worth noting that the circulating supply of RON coins is about 292,242,978, out of a total supply of 1,000,000,000 coins. The fully diluted market cap of Ronin stands at approximately $2,868,218,567.
Ronin’s all-time high was recorded on January 27, 2022, at around $4.32, while its all-time low was observed on November 21, 2022, at $0.1976. These figures indicate a substantial increase in value since its lowest point, showing more than a 1300% increase.
The surge in SATS
SATS, a token operating on the Ordinal protocol of the Bitcoin network, also saw a significant upswing. As a meme token, SATS represents a playful aspect of blockchain technology but has garnered serious investment interest.
The token’s unique position within the Bitcoin ecosystem and its growing community support have likely played roles in its price increase.
SATS as a token is based on the Ordinal protocol and uses the BRC-20 token standard on the Bitcoin network. Unlike many other tokens with larger ambitions in the blockchain ecosystem, SATS was created as a meme token, primarily for fun. It leverages the Ordinal protocol, which allows developers to assign distinct identities or files to each satoshi in the Bitcoin network. This mechanism facilitates the development of both fungible and non-fungible tokens. The success of SATS is attributed largely to its community’s enthusiasm, as seen with many meme tokens.
The live price of SATS is approximately $5.04e-7 USD, reflecting a 4.11% increase over the last 24 hours, and up nearly 30% in the last 7 days. The trading volume for the same period is a substantial $92,474,290.
Regarding market capitalization, SATS currently stands at around $1,057,708,575. It’s important to note that the self-reported circulating supply of SATS is 2,100,000,000,000,000, and this figure also represents the total and maximum supply. These metrics indicate a robust trading environment and a notable presence in the cryptocurrency market.