Earlier this year, THORChain faced a serious setback when a series of protocol exploits led to a staggering $8 million being drained from its reserves. Unsurprisingly, this left RUNE, THORChain’s native token, with a bit of a hangover. However, fortune has smiled upon RUNE this week with the announcement of the re-opening of its Ethereum pool alongside other altcoin and BTC-based pools, sparking a remarkable uptick in its price.
The Price Rollercoaster: RUNE’s Thrilling Comeback
Data from market tracking platforms shows that since it hit a low of $2.95 on July 20, RUNE has skyrocketed by 283%, now winking at investors from $11.64. As if this wasn’t enough to get the crypto enthusiasts buzzing, trading volume has also noticeably surged.
Not Just a Bump: Two Key Drivers
So, what’s behind this sudden surge? Well, the reactivation of trading capabilities across all five supported blockchains, including the much-coveted Ethereum network, is one reason. The Ethereum pool officially reopened on October 21, and boy, did that have an effect! 💸 Trading activity was previously limited after the April hack, but with the code thoroughly checked and corrected, it’s full steam ahead.
Ethereum Pools Are Open – Jump In!
As soon as trading resumed, the protocol demonstrated that there was pent-up demand with a quick $2 million in trading volume for ERC-20 tokens flowing within minutes. Finally, investors can give their wallets some fresh air!
Current Trading Dynamics
- Supported chains reactivated: $BTC, $ETH, $BNB, $LTC, $BCH
- Near-instant trading volume reflected user eagerness
- Market anticipates further increases as more trading opportunities emerge
Something New on the Horizon
Another reason for RUNE’s rocket ride? A treasure trove of new projects launching on the THORChain network promises to attract even more investors in droves. Exciting tokens will soon grace the Thorstarter platform, which acts as the decentralized launchpad for the RUNE ecosystem.
Upcoming Projects to Keep an Eye On
- THORSwap
- THORWallet
- Brokkr Finance
- Skipp Swap
- DeFiSwap
- XDEFI wallet
Market Conditions: A Sweeter Cup of Tea?
According to sources, market conditions have been favorable for RUNE. The VORTECS™ Score, a tool that measures historical and current market conditions, has stayed in the green zone consistently over the past week, even hitting highs that historically indicated an upcoming price increase.
What Does the Future Hold?
With an elevated VORTECS™ score of 74 on October 18—just before a notable price jump of 29%—it’s clear that RUNE’s future might just be looking as bright as its recent price surge. But remember, with the crypto market’s wild rides, it’s crucial to buckle up and do your homework! Always invest wisely and know that every trading move involves risk.
As we watch RUNE’s resilience, let’s not forget: the crypto world is as unpredictable as a cat on a hot tin roof!
