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Home»Altcoins»THORChain (RUNE) Posts 31.5% Gain to Hit New Yearly Peak
Altcoins

THORChain (RUNE) Posts 31.5% Gain to Hit New Yearly Peak

2023-11-12No Comments3 Mins Read
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RUNE, a native token of the cross-chain decentralized exchange THORChain, is currently one of the best performing cryptocurrencies on the market, with a price increase of 31.5% in the last 24 hours.

Based on data from Coingecko, This price gain only underlines RUNE’s remarkably bullish form in recent weeks, as the token has risen 115.0% and 212.3% on the 14-day and 30-day charts, respectively.

Interestingly, this continued bullish pressure on the RUNE market has led the DeFi coin to reach a new annual high of $5.31 and a peak daily trading volume of $1.28 billion.

Behind THORChain (RUNE) Stand up

Analyzing RUNE’s meteoric rise in recent weeks, several analysts have recognized the newly introduced features on the THORChain platform.

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

In a X message on Saturday, a crypto analyst with the username The Wolf of DeFi provided some insight into how one of these features took RUNE to new heights. The Analysts attributed most of RUNE’s 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.

$RUNE continues to make new highs. The reason for this is the liquidity flywheel. I’ll show you how it works and why it will push $RUNE much higher. @THORChain is built on liquidity pools. Because the infrastructure is used for swaps, liquidity providers make money. The basic product of…

— The Wolf of Defi ⭕️ (@thewolfofdefi) November 11, 2023

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

See also  Will ADA Bulls Hit $0.3 Milestone?

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

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

So 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, increasing the buying pressure on the market, allowing the token to maintain its upward trajectory.

RUNE price forecast

Looking at the daily chart of RUNE, the relative strength index (RSI) stands at 87.24, indicating that the token is well within the overbought zone. Investors are therefore advised to be alert to a possible price drop.

On the other hand, RUNE could continue to maintain 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 gain of 3.2% in the last hour. Meanwhile, the token’s market cap stands at $1.58 billion, which could make it the 41st largest cryptocurrency on the market.

THORChain

RUNE trading at $5.109 on the daily chart | Source: RUNEUSDT chart on Tradingview.com

Featured image from iStock, chart from Tradingview



Source link

Gain hit Peak Posts RUNE THORChain Yearly
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