Ronin (RON) saw its value plummet by 26% right after its listing on the Binance exchange, erasing a 15% gain and marking a nearly 30% drop in the last 24 hours.

Following a short-lived recovery that pushed Ronin above the $3 mark for the first time since February 2022, the digital asset encountered strong resistance and fell below a critical support level.

Despite reaching a two-year peak of $3.538 due to growing investor interest and increased activity on the Ronin network, the asset has now retreated to $2.62 — losing all its recent gains.

The sharp decline has also affected Ronin’s market standing, with its market capitalization dropping below the $1 billion milestone to currently stand at $746.26 million. However, Ronin is still trading at a 23-month high, with the $2.5 support level preventing further losses.

Santiment data revealed a surge in social volume and negative sentiment surrounding Ronin, indicating a stark change in investor sentiment.

Over the past 24 hours, social volume surged by 254%, and negative sentiment jumped from 0.87 to 5.58, indicating a dramatic change in investor outlook. This negative sentiment has led to a surge in selling pressure, with trading volume soaring 275% to $203 million as investors hurried to sell their holdings.

The drastic price drop positions Ronin as the most significant loser among the top 100 cryptocurrencies by market cap in the last day, a stark contrast to its status as the top gainer just a day earlier.

The initial price surge was driven by increased investor interest and a spike in network activity, with trade volume hitting $80 million and daily active addresses increasing fivefold from December to this month. However, the price began to fall just five hours after Binance commenced trading RON.

The price volatility led to speculation and allegations of market manipulation against Binance. In response, the exchange’s co-founder Yi He announced a $5 million bounty for information that could identify any involved Binance staff, showcasing a commitment to maintaining market fairness and investor confidence.