Inside information or just pure luck? 🤔
Yesterday, Binance announced that they would list RON, the native token of the Ronin network, but it seemed that some traders may have figured it out way earlier than the rest of the crypto crowd.
In the days leading up to the announcement, RON continued its impressive run, surging to $3.48 at the time of the announcement before quickly plunging back to $2.81.
Yi He, the co-founder and Chief Customer Support Officer of Binance, has since released a tweet thread to address the circumstances surrounding their latest listing.
According to Yi He, an internal investigation revealed that several addresses that were linked to Binance had been used to receive RON tokens.
As is the public nature of the blockchain, word began to spread among the crypto community, fueling further speculation of an imminent listing.
To combat any potential leaks for future listings, Binance plans to strengthen the internal management of departments involved in listings by further cross-department communications and tightening security.
Besides that, Binance will also improve communications with external projects and the current listing process, with the option of delaying or canceling a listing should a leak be discovered before or after a listing announcement.
The exchange will also offer a bounty of up to $5M for reporting corrupt Binance employees.
Since RON started trading on Binance, the token price saw a temporary bounce to $3.22 before continuing its fall by 20.8% to around $2.50 as of today.
Editor's Take:
Historically, Binance listings will result in a 20-30% pump immediately after which the token will likely see a retrace. However, this time around, the listing announcement resulted in traders 'selling the news'. While this might seem like a one-off occurrence, this event may very well affect the perception of future Binance listings and the subsequent price action of the listed tokens thereafter.
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