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

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

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

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

Behind the rise of THORChain (RUNE)

When analyzing RUNE’s meteoric rise over the past few weeks, several analysts have given credence to the newly introduced features on the THORChain platform.

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

In a X post Saturday, a crypto analyst with the username The Wolf of DeFi provided insight into how one of these features propelled RUNE to new heights. THE The analyst attributed most of RUNE’s gains to the rolling trades feature, designed to allow large trade requests to be automatically split into smaller requests processed over time.

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

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

Additionally, The Wolf of DeFi stated that every dollar of non-RUNE assets deposited into a THORChain liquidity pool is matched to its RUNE equivalent by the network’s nodes.

So if an LP deposits $100 consisting of $50 BTC and $50 RUNE into BTC/RUNE, the nodes will balance that 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 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 decline in prices.

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 capitalization stands at $1.58 billion, ranking it as the 41st largest cryptocurrency on the market.

THOR channel

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

Featured image from iStock, chart from Tradingview

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