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Thorchain Dominates Cross-Chain Trading Volume: What’s Next for RUNE?

Thorchain, a cross-chain liquidity network, has emerged as a frontrunner in cross-chain transfers, surpassing its competitors in volume and transaction activity, on-chain data shows. 

Thorchain Trading Volume Expands As Prominence Increases

Citing Galaxy Research data, a user on X, Bullion, noted that Thorchain processed $4.82 billion in cross-chain transactions over the past 30 days, while Cosmos’ Inter-Blockchain Communication (IBC) protocol handled $3.35 billion worth of transactions during the same period.

Among layer-2 bridges, Arbitrum Bridge led the pack with $1.21 billion in cross-chain volume. Others, like Polygon POS and Stargate, processed $564 million and $694 million, respectively.

Cross-chain transfer volume comparison | Source: Galaxy Research via Bullion on X

The spike in Thorchain’s trading volume and liquidity indicates the protocol’s increasing significance in the broader decentralized finance (DeFi) landscape. The protocol’s unique features and innovative solutions have made it a preferred destination for cross-chain asset transfers. 

At the heart of Thorchain is its ability to facilitate cross-chain asset swapping in a trustless and non-custodial manner. In this arrangement, and like popular decentralized exchanges like Uniswap, Thorchain allows users to retain control of their funds without depending on intermediaries. 

The stream swaps technology seems to be drawing user attention to Thorchain. This feature allows users to swap with near-slippage free even without high liquidity. Technically, and as expected in decentralized exchanges, the lower the liquidity, the higher the slippage. The offer for low or zero slippage gives Thorchain a significant advantage over other cross-chain swaps.

Beyond trading, Thorchain has incorporated other defi solutions, including lending. In this arrangement, Thorchain now supports the trustless lending of assets without liquidity risk or interest, a deviation from traditional lending protocols, including Aave. 

As DeFi TVL Recovers, Will RUNE Break To New 2024 Highs?

Together, these features have contributed to Thorchain’s growing trading volume, further cementing its position in the recovering DeFi scene. According to DeFiLlama, Thorchain has a total value locked (TVL) of around $322 million.

Meanwhile, Thorchain claims to have over 91,000 swappers. Cumulatively, the protocol has processed over $61 billion in trading volume.

Network statistics: Source: Thorchain

As DeFi expands from 2022 pits, RUNE, the platform’s native token, has also benefited. Looking at the RUNE daily chart, it is up roughly 5X from 2023 lows.

Thorchain price trending upward on the daily chart | Source: RUNEUSDT on Binance, TradingView

Despite the re-pricing of asset prices on January 3, RUNE remains resilient. Prices are trending inside a bull flag. Any breakout above $6.5 and local resistances could catalyze demand, lifting the coin above $7.3 to new 2024 highs.

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THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

RUNE, native token of the cross-chain decentralized exchange THORChain, is currently one of the best-performing cryptocurrencies in the market, boasting of a 31.5 % price increase in the last 24 hours. 

Based on data from Coingecko, this price gain only underlines the remarkable bullish form of RUNE in the past few weeks, as the token is up by 115.0% and 212.3% on the 14-day and 30-day charts, respectively. 

Interestingly, this sustained bullish pressure in the RUNE market has resulted in the DeFi coin attaining a new yearly high of $5.31 and a peak daily trading volume of $1.28 billion.

Behind THORChain (RUNE) Rise

In analyzing RUNE’s meteoric rise in the past few weeks, several analysts have given credit to the newly introduced features on the THORChain platform. 

For context, in the THORChain Q3 2023 Ecosystem Report, the DEX’s development team announced the implementation of new features such as lending, streaming swaps, streaming loans, and savers for stablecoins, among others. 

In an X post on Saturday, a crypto analyst with the username The Wolf of DeFi provided some insight into how one of these features has spurred RUNE to new heights. The analyst attributed most of RUNE gains to the streaming swaps feature, which is designed to allow large swap requests to be automatically divided into smaller requests that are processed over time. 

The Wolf of DeFi explains the introduction of this update has triggered an increase in the platform’s swap volume and the annual percentage rate (APRs) being offered to liquidity providers.

As expected, higher APRs will attract more liquidity providers who have to invest in RUNE, which serves as the base asset of every liquidity pool on THORChain, creating a cycle named the liquidity flywheel.

Furthermore, The Wolf of DeFi stated that every dollar worth of non-RUNE assets deposited in a THORChain liquidity pool is matched with its equivalent in RUNE by the network nodes. 

Thus, if an LP deposits $100 consisting of $50 BTC and $50 RUNE into BTC/RUNE, nodes will balance this transaction with an additional $50 RUNE, which adds to the buying pressure in the market, allowing the token to maintain its upward trajectory. 

RUNE Price Prediction

Looking at RUNE’s daily chart, the relative strength index (RSI) stands at 87.24, which indicates the token is well in the overbought zone. Thus, investors are advised to be on alert for a possible price pullback.

On the other hand, RUNE may continue to sustain its bullish momentum, especially as the team behind THORChain looks to introduce more attractive features, including order book trading.

At the time of writing, RUNE is currently valued at $5.10, with a 3.2% gain in the last hour. Meanwhile, the token’s market cap stands at $1.58 billion, allowing it to rank as the 41st largest cryptocurrency in the market.

THORChain

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RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance

THORChain’s price has been up by over 100% since the last week of October, hitting levels not seen since May 2022. This is an amazing increment in price. But caution is advised since RUNE, an altcoin, seems overbought, possibly signaling a 20% drop in the near future.

At the time of writing, RUNE was trading at $3.42, climbing over 15% in the last 24 hours, and registering an impressive 37% rally in the last seven days, figures by CoinMarketCap shows.

RUNE: Potential To Reverse Bearish Trajectory

If RUNE closes above the psychological $3.500 mark, it could negate the present downturn and cause the bearish attitude to change. The significance of RUNE closing above the critical $3.500 mark lies in its potential to reverse the prevailing bearish trend and trigger a shift in market sentiment.

Achieving this milestone could signify a break in the current downtrend, potentially instigating a more positive outlook among investors and traders.

THORChain underwent a notable phase of consolidation, a period marked by relatively stable prices and limited fluctuations. Following this consolidation, the market witnessed a substantial surge, propelling THORChain’s price upwards by over 40%.

However, in the aftermath of this surge, the price has demonstrated a consistent stability, remaining within a relatively similar range. This stability has coincided with a broader downturn in market dynamics, where fluctuations and overall activity have shown a decrease across the market.

Despite the prior surge, THORChain’s price has maintained a consistent level, reflecting a degree of resilience amid the current market trends.

The RUNE token holds a substantial long-term liquidation value surpassing $70 million, signifying a considerable reserve or potential value inherent in the token’s existence. However, a cautionary note emerges from the chart analysis, which reveals a prominent positive deviation highlighted in green.

This deviation might signify an impending decrease in price in the near future, suggesting a potential shift or correction in the market valuation of the token. This could prompt investors to stay vigilant and consider potential fluctuations in the token’s value in their future investment decisions.

The price of RUNE garnered significant attention subsequent to a substantial market surge, as the cryptocurrency experienced a portfolio increase of more than 40% inside that period.

Signs Of Market Correction For RUNE?

Analyzing the technical indicators, THORChain reveals an RSI figure of 72.24, typically signaling overbought conditions when surpassing 70. This situation hints at the possibility of profit-taking or a slight downturn in the coming days.

Despite indicating a robust bullish sentiment with an RSI above 50, THORChain might be treading into overextended territory, potentially requiring cautious observation for signs of a market correction or adjustment.

Meanwhile, according to Santiment’s research, there is a decline in the social dominance of the RUNE cryptocurrency, which means there is less of a presence and conversation on social media. When conversations do happen, they usually center on the altcoin’s remarkable rise, which may allude to investor anticipation of an upcoming fall.

In line with this reality is the rising open interest, which is the sum of all long and short positions in the market. After such a meteoric increase of 120%, short sellers should outnumber long sellers for RUNE among traders.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Frank Cone/Pexels

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THORChain Beats Rivals In Top 100 Coin Rankings With 34% Rally – How RUNE Did It

Over the past week, the market has exhibited a pattern of lateral movement, particularly noticeable in the top cryptocurrencies which have shown a downtrend in their pricing. Notably, THORChain has emerged as the standout performer, demonstrating significant strength by surging over 5% in value within the last day, and an impressive 34% increase over the course of the week.

RUNE Soars Over 270%: A Thrilling Journey Of Value Surge

Recently, the RUNE token on THORChain has seen a tremendous ascent. It started off on a fantastic trajectory, rising from a low of just under $0.80 on June 14 to a solid high of $2.90 today—a phenomenal 270% gain.

A reversal from a descending triangle, which gained significant traction around August 15, was the catalyst for this advance. Despite some ups and downs coming up to October 20th, the token managed to gain another 80%.

This surge in value stands as a testament to the robustness of THORChain’s RUNE token, buoyed not only by the impressive price momentum but also by an evident surge in trading volume. RUNE has advanced from its lowest level this year, making the token among the top-performing cryptocurrencies in the world.

THORChain: Impending Breakout And The $10 Target

This increased trading activity not only substantiates the upward trend but also underscores a burgeoning confidence among buyers, emphasizing a collective belief in driving the coin towards even greater heights.

Captain Faibik, a well-known analyst in the cryptocurrency space with an impressive following of almost 68,000 on the X platform, recently made an observation that caught our attention: there may be an impending breakout in the price of RUNE, indicating the possibility of substantial movement in the near future.

Based on the analyst’s possible breakout scenario, a big bullish upswing could happen if the RUNE price breaks through its current horizontal support level. The possible rise in price of THORChain could push it toward a major milestone, with a goal of reaching $10 during the rush.

RUNE: Breaking Resistance And The $3 Billion Milestone

Breaking through this resistance level is a key turning point that could cause prices to rise by a huge amount, indicating a bullish trend that could push THORChain’s price close to a major threshold.

The achievement of $3 billion in on-chain trade volume on major decentralized exchanges (DEXs) is one noteworthy milestone that is contributing to the price increase, along with several other basic variables.

This significant growth raises questions about the rally’s sustainability. Could the price go through $3 and rise even farther, or is it already at its breaking point?

Meanwhile, the network processed over $3 billion in on-chain transactions this month, setting new records. This holds significance due to the network’s substantial volume of $2.3 billion only in the third quarter.

During this period, it generated a total of $3.38 million in fees. This indicates that THORChain is experiencing an increasing level of popularity and adoption among its user base.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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RUNE Beyond Swaps: THORChain Introduces New Lending Protocol

In a recent development, THORChain (RUNE), the liquidity network, has unveiled its lending feature, enabling users to leverage their native Layer-1 (L1) assets, such as Bitcoin (BTC) and Ethereum (ETH), to secure loans denominated in TOR, a USD equivalent stablecoin. 

According to the announcement, this move opens up new avenues for financial participation, allowing users to borrow funds without the “burdens” of interest, liquidations, or expiration.

THORChain Introduces Interest-Free Loans

The lending process is designed to be user-friendly and “straightforward,” focusing on minimizing cognitive burden. 

Depending on prevailing market conditions, borrowers can collateralize their assets within a range of collateralization ratios (CR), ranging from 200% to 500%. The CR determines the amount of debt borrowers can receive in proportion to their collateral.

One of the critical advantages of THORChain’s lending protocol is the absence of interest charges. By eliminating interest, the protocol encourages borrowers to hold onto their loans for extended periods, thereby increasing the equity value of the protocol. 

This approach aims to align the interests of borrowers with the protocol itself, fostering a mutually beneficial ecosystem.

Furthermore, THORChain’s lending system does not involve liquidations. In traditional lending models, borrowers risk having their collateral forcibly sold if its value falls below a certain threshold. However, THORChain’s design eliminates this risk by treating the collateral as equity (RUNE IOU). 

Consequently, if the collateral falls below the debt value, it does not pose a problem, as the stored equity acts as the liability. Per the report, this approach ensures a more user-friendly experience and eliminates the need for borrowers to monitor asset prices constantly.

The loans issued through THORChain’s lending feature have a minimum period of 30 days, providing borrowers with flexibility. 

Repayment can occur anytime after the initial 30-day period, allowing borrowers to manage their debt according to their circumstances. Partial repayments are also possible, although the collateral is not released until the debt is fully repaid.

THORChain’s Circuit Breaker System

To enhance security and protect against inflation, THORChain has implemented a circuit breaker mechanism. 

In the event of a drastic drop in RUNE’s price-native token of the THORchain network- against collateral assets such as BTC and ETH, which could lead to net inflation of RUNE, the system will pause new loans and disable the lending feature. 

At this point, no further inflation of RUNE can occur, and the protocol’s reserve will cover the remaining collateral payouts.

Initially, the lending feature will support BTC and ETH collateral, with plans to expand to other Layer 1 gas assets, including Binance Coin (BNB), Litecoin (LTC), Avalanche (AVAX), and DOGE. 

According to the announcement, this expansion will further diversify borrowing options, accommodating a broader range of users and assets.

Overall, with the introduction of the lending feature, THORChain takes a significant step toward expanding financial opportunities within its liquidity network.

THORchain

As of the latest update, THORChain’s native token, RUNE, has experienced a decline of nearly 8% within the past 24 hours, currently trading at $1.694, despite the anticipation surrounding the announcement of the new lending protocol.

Nevertheless, the token has successfully maintained substantial gains of 20% and 80% over the past seven and fourteen days, respectively, attributed to a simultaneous increase in the social volume of the THORChain cryptocurrency.

Featured image from iStock, chart from TradingView.com

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Riding The Storm: THORChain 50% Rally Shines As Top 100 Coins Falter

Within the dynamic cryptocurrency environment, THORChain (RUNE) has emerged as a notable altcoin, capturing the interest of investors who are actively pursuing methods to augment the diversification of their investment portfolios.

In conjunction with the established entities such as Bitcoin and Ethereum, the cryptocurrency market has experienced significant growth with a diverse range of alternative coins, each presenting unique attributes and prospective prospects.

Altcoins, which comprise a diverse array of technological advancements, application cases, and governance frameworks, provide investors a wide range of options to consider.

THORChain Emits Force In The Weekly Chart

THORChain (RUNE), renowned for its cross-chain liquidity mechanism, has garnered significant attention this week due to a different factor.

According to statistics from Coingecko, THORChain is currently priced at $1.54, reflecting an increase of 50% over the past seven days. However, it has had a decline of 3.7% within the last 24 hours.

The boost in price can be attributed to a concurrent rise in the social volume of the THORChain cryptocurrency. According to data from Coincodex, there was a significant increase in social volume, exceeding 4,300%, during the period from August 7 to 13.

The price of RUNE has exhibited a bullish trend since the middle of June. However, this upward movement was interrupted when the price above the $1 threshold and subsequently began to undergo a retracement.

The price of the cryptocurrency established a support level at $0.92 following a significant decline, then initiating a bullish recovery to surpass the prominent psychological threshold of $1.

In the preceding month, the cryptocurrency had a notable increase of 30%, while also exhibiting a 5% rise since the commencement of the year 2023. Nevertheless, the performance of the subject over an extended period of time presents a more pessimistic portrayal.

Over the course of the previous four quarters, there was a significant decline of around 50% in the value of the coin, suggesting the presence of inherent instability.

Moreover, the cryptocurrency has experienced a significant decline of 94% from its peak value of $20.87 in May 2021, highlighting the fundamental instability of the cryptocurrency market.

RUNE Faces Resistance At $1.55

Although there have been recent positive developments that may be encouraging for investors with short-term goals, the overall trend indicates that there have been challenges over longer time periods.

The significant declines observed in the past year, as well as from the highest point, underscore the precarious nature of cryptocurrency investments. This necessitates a careful evaluation of their long-term viability within a dynamic market environment.

At present, the RUNE token is undergoing a phase of surpassing the significant resistance level of $1.55, which has persisted for an extended period of time. This particular domain holds significant importance as it has alternately functioned as both a point of opposition and reinforcement from the onset of the year 2021.

Hence, the act of closing above it will serve as a significant indication of a positive trend, thereby reinforcing the bullish readings observed on the daily timescale.

As the liquidity mechanism for THORChain may develop over the next few months, cryptocurrency experts anticipate even further price hikes for the platform. Additionally, 14 new nodes are prepared to join the THORChain network, according to CoinCodex.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Asia Crypto Today

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THORSwap (THOR) 300% Surge In A Week: What’s The Secret Behind Its Thunderous Rise?

In recent weeks, the native token of THORSwap, THOR, has experienced a surge, with its value increasing by nearly 300%. This surge has attracted attention within the crypto community, prompting an exploration of the factors contributing to THOR’s rapid growth. 

THORSwap, a cross-chain decentralized exchange (DEX) aggregator built on the THORChain network, has been pivotal in driving this surge. 

THORSwap Emerges As A Leading DEX?

According to a report by crypto analytics Messari, THORSwap stands out among other automated market maker (AMM) protocols by offering a range of distinctive features. 

As a DEX aggregator, it leverages the underlying THORChain network to facilitate seamless cross-chain transactions, eliminating the need for bridging or wrapped assets. 

The report claims that THORSwap’s cross-chain DEX aggregation feature sets it apart by tapping into multiple liquidity sources and supporting a wide range of digital assets. 

By integrating with 1inch and assessing liquidity from over 50 sources on Ethereum, Polygon, and the Binance Smart Chain, THORSwap becomes an “unparalleled aggregator of aggregators,” offering users an extensive selection of native assets to swap, according to Messari.

Moreover, the THOR token functions as the native utility token for THORSwap, offering traders numerous incentives. THOR holders can benefit from yields, revenue fee sharing, and trading discounts. 

Moreover, THORSwap adopts continuous liquidity pools (CLPs), an innovation pioneered by protocols like Bancor. According to the report, CLPs create trustless pools of liquidity that eliminate the need for matching buyers and sellers, promoting a “well-functioning” decentralized market with limited volatility and price manipulation. 

Additionally, THORSwap offers Impermanent Loss Protection (IPL) to safeguard liquidity providers from potential losses, ensuring they are better off providing liquidity than holding the underlying assets.

THORChain recently introduced Synthetic Assets (“Synths”) to address the challenges of interacting with multiple blockchains. 

These fully collateralized representations of assets, backed by THORChain’s liquidity pools, enable cost-effective and instant settlement without the risk of impermanent loss or liquidation. 

The introduction of Synths has increased demand for THOR tokens while simultaneously boosting the network’s Total Locked Value (TVL).

THORChain’s Performance Reflects Growing Interest?

THORChain has reached significant milestones, solidifying its position in the industry. The report noted that the Total Value Locked metric stands impressively at $218.80 million, showcasing the trust and confidence users place in THORSwap and THORChain’s cross-chain liquidity provision capabilities. 

Furthermore, the Total Volume of $11.60 billion represents the cumulative value of trades executed on the THORSwap platform. This figure reflects the increasing trading activity and demand for cross-chain swaps facilitated by THORChain’s protocol.

These statistics highlight the influence and adoption of THORChain within the DeFi space. As the demand for cross-chain liquidity continues to surge, THORChain’s protocol and THORSwap’s user-friendly interface can potentially position them as industry leaders.

As the THORChain ecosystem continues to evolve and demonstrate its value, the growth of the THOR token highlights the platform’s increasing adoption and recognition in the market. 

Investors and crypto enthusiasts seem to recognize THORChain as a critical player in the DeFi space, leveraging its protocol to harness the benefits of cross-chain liquidity provision.

THORswap

As of the current market data, THOR is trading at $0.339695. Although it has experienced an 11.6% decrease in the past 24 hours, it has maintained substantial gains over the past seven and fourteen days, with impressive increases of 307% and 330%, respectively.

Featured image from iStock, chart from TradingView.com

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Crypto Thunderstruck: THORChain (RUNE) 21% Charge Emerges As Top Weekly Gainer

The dynamic world of cryptocurrencies has once again witnessed a fascinating turn of events, this time with THORChain (RUNE) taking center stage. Over the past seven days, THORChain has experienced a substantial surge in its price, marking an impressive increase of 20.19%. This resurgence has sparked intrigue and excitement among crypto enthusiasts and investors, prompting a closer examination of the factors contributing to this rapid upward movement.

THORChain (RUNE) Has experienced a significant spike in the past week: Source @Tradingview

The Catalysts Behind The Surge

RUNE has made a resurgence in recent months from its lows in June to its recent highs gaining 40% during this period. However, its price is still 10% down from the start of the year and there are expectations that this could be an extended bullrun. 

Related Reading: Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop

The surge in THORChain’s price invites a deeper investigation into the underlying dynamics and catalysts that have propelled this substantial price rally. While a myriad of factors often influences the cryptocurrency market, several key drivers may have played a role in THORChain’s recent surge:

Substantial progress in THORChain’s underlying technology, protocol enhancements, and ecosystem expansion has triggered renewed interest and investment. Positive fundamental developments often align with price surges as investors anticipate potential long-term growth prospects. Cryptocurrency markets are renowned for their inherent volatility. While volatility can create risks, it allows traders to capitalize on price swings. The recent surge in THORChain’s price may be driven, in part, by heightened market volatility.

THORChain (RUNE): Forecasting Future Trajectories

Considering THORChain’s recent surge, attention naturally turns to the future prospects of this cryptocurrency. Various experts and analysts have offered their insights into THORChain’s potential trajectory.

Related Reading: GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On?

According to short-term prediction, THORChain’s price could experience a minor retracement to $1.02 by August 16, followed by a recovery to $1.24 by September 9. This prediction underscores the inherent volatility of short-term price movements.

Looking ahead to 2023, divergent forecasts paint a range of possibilities. CaptainAltCoin suggests a potential dip to $0.6726 by October, with the year closing at $0.8817. However, if the bull run continues to persist there could be a spike to $2.12 by the year’s end. 

Navigating The Unpredictable Path Ahead

As THORChain continues its remarkable surge, the crypto community remains captivated by its price movement. The convergence of various factors, including market sentiment, technical indicators, fundamental developments, and overall market volatility, has likely contributed to this recent rally. However, the cryptocurrency landscape is known for its unpredictability, and the path ahead for THORChain remains uncertain.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock, chart from TradingView