Ronin price prediction: $625m hack hammers RON value

Axie Infinity token Ronin drops 25% in minutes after hackers steal huge sum from protocol.

RON logo                                 
Both the Ronin Bridge and the Katana DEX have been paused while a hack is investigated – Photo: Shutterstock


Ronin, the blockchain protocol that powers the crypto game Axie Infinity crypto game, suffered a $625m hack, which resulted in it losing more than 25% of its value in 20 minutes.

The coin plunged from $2.2839 to $1.6946 right after the attack was announced, recovering to $1.8493 a day later.

Late on Wednesday May 30 the site issued a statement on Twitter saying: “We are in the process of conducting a thorough investigation, working with Chainalysis to monitor the stolen funds and Crowdstrike to handle forensics.

“We are committed to ensuring that all of the drained funds are recovered or reimbursed.”

According to the protocol, the security breach occurred on March 23. On the website, the crypto said that “Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions … The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack … after a report from a user being unable to withdraw 5K ETH from the bridge.”

The network said it was “working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” adding that “All of the AXS, RON, and SLP on Ronin are safe right now.”

It continued: “As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats. We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks.”

While this security breach has inevitably dented the coin price in short term, how does this impact the Ronin price prediction?

Before looking at forecasts, let’s do a quick overview of the coin.

What is Ronin (RON)?

An EVM-based blockchain, Ronin hosts play-to-earn games. Axie Infinity, boasting a market cap of $4bn, is the most popular game which is built on the ecosystem.

The RON token launched in early 2021, but Axie introduced the blockchain in June 2020. The Ronin Network, an Ethereum-linked sidechain, was developed in order to enable users to participate in the Axie Infinity game more efficiently and effectively.

According to a Medium article, the network was developed in order to solve issues the protocol was facing by being on the Ethereum blockchain, notably the network congestion.

The company was quoted as saying: “Ronin will allow us to take usability of Axie to the next level, setting us up to welcome the next generation of trainers, thinkers and explorers to Lunacia.”

The features, the protocol claims to have include the enabling of fast and seamless transactions, reduced gas fees and the ability to bring Axie digital assets back to the Ethereum Mainnet, as well as simplified on-boarding for new users.

In response to the launch, Trung Nguyen, chief executive at Sky Mavis, said “We are very excited about the possibilities Ronin brings. Though it’s still in an early state, 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. zKSyncs, for example, is looking promising, but it could take time until it’s production-ready — particularly for NFTs and games.”

The network performed phenomenally well in its first nine months, racking up, according to Coin Market Cap, 250,000 unique daily active addresses and more than million wallet downloads.

Its DEX Katana has emerged as one of the most popular decentralised exchanges by weekly active users.

Ronin price prediction: Founders

Ronin was founded by Sky Mavis, a game studio which in turn was founded by Jeffrey Zirlin and Alexander Leonard Larsen.

Zirlin completed a BA in History from Yale University. According to his LinkedIn profile, he co-founded Sky Mavis in 2018. He is currently the Growth Lead.

Larsen completed a degree in economy and administration from BI Norwegian Business School. He subsequently became an executive security officer at the Norwegian government security organization, before becoming a community management and business development at Parsec Frontiers in Oslo. Larsen is the co-founder and COO of both Axie Infinity and Sky Marvis.

Notwithstanding the hack, which will no doubt dent the reputation of the ecosystem, the protocol appears to have had an impressive start. So what is the Ronin price prediction for 2022? And the Ronin price prediction for 2030?

Before looking at forecasts, let’s look at performance of the coin.

Ronin price prediction: Coin performance

The coin dropped from $3.737 on 27 January 2022 to $1.9045 on 3 February 2022. Despite subsequently surging to $3.3121 on 10 February 2022 it fell again to $1.8049 on 24 February. Despite rising throughout the latter half of March, hitting highs of $2.4333 just before the hack was revealed, the coin has, since the exploit dropped to around $1.80.

The coin has a maximum supply of 1 billion RON coins and a current circulating supply of 148,339,298 RON coins.

The network has a current market cap of just over $269m.

How does this information impact a Ronin coin price prediction?

Ronin price prediction

When looking at long-term forecasts remember to keep in mind, they can often be wrong. This is due to the inherent volatility of the market but also the many variables which could impact the future price of the coin.

With this in mind, let’s look at some RON price predictions. in a very bearish forecast thinks RON could go down to zero in a year.

DigitalCoinPrice thinks that the Ronin crypto price prediction for 2023 could be $2.58. The website’s Ronin price prediction for 2025 stands at $3.70.

Wallet Investor in another bearish forecast thinks the coin will go down to $0.167 in a year’s time.

While short-term the coin is inevitably going to be hit significantly, the long-term prospects could recover if processes are put in place in order to make the ecosystem more robustly secure.


How many Ronin are there?

The coin has a maximum supply of 1 billion RON coins and a current circulating supply of 148,339,298 RON coins. 

Is Ronin a good investment?

Potentially in the long-term. The coin certainly has some way to go in order to recover from the drop it has suffered as result of investors pulling out after the 29 March hack. 

Whether it is a good investment depends in part as to how effectively the ecoystem deals with the problem. 

Will Ronin go up?

Ronin could go up, though the price dip may continue for a while as the project halts operations to investigate the hack. Forecasts do not seem overly optimistic. 

Always keep in mind that crypto coins are highly volatile assets and that analysts’ forecasts can often be wrong.  

Should I invest in Ronin?

Investing is a highly personal endeavour, dependent on your individual investment goals. Remember to do research and keep up-to-date on any developments in the Ronin ecoystem. 

Further Reading

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