Rumors of Listing on Binance Brought a Rally in This Altcoin: Here are the Details

The cryptocurrency market has been shaken by rumors that altcoin Ronin (RON) may soon be listed on Binance.

This speculation led to a significant price increase, with the value of RON increasing from $2.27 to $2.48. In the last 24 hours alone, the RON price has gained approximately 9%.

Until now, Binance's Ronin hot wallet was unresponsive to RON deposits. However, starting earlier today, Binance started sending RONs deposited to Ronin to its hot wallet. This marks a significant change from a year ago, when misdeposited RONs were not sent to the hot wallet in real time.

This situation is reminiscent of the Coinbase-BONK scenario of the past. Coinbase, another major cryptocurrency exchange, listed BONK following a similar transaction model. When a Coinbase address receives the SPL token it supports, it sends 0.00124788 SOL for the gas fee from that Coinbase address and uses this to send the SPL to the hot wallet. If it doesn't support it, nothing happens. However, BONK transactions were now being sent to the hot wallet, followed by listing.

While these developments are exciting, it is important to note that a Binance listing for RON is still speculative at this point. There is no official information about whether this altcoin will still be listed on Binance.

*This is not investment advice.