- RUNE leads the top 100 coins by market cap.
The network activity in THORChain is growing.
As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear runs. The recent surge in THORChain [RUNE] has certainly caught my attention. With its strong liquidity, growing network activity, and innovative developments like the new burn mechanism, RUNE looks poised to continue its upward trajectory.
Currently, the digital currency RUNE on the THORChain platform is drawing attention due to its recent increase in value and heightened activity, making it an intriguing cryptocurrency to keep tabs on.
Currently, RUNE is being traded at approximately $5.64, marking a 14% rise over the past day. Additionally, trading activity has significantly increased by 28%, reaching over $308 million in volume.
Having approximately 336 million units in circulation out of a total supply of 414 million, RUNE presents an attractive investment opportunity with a high liquidity level and increasing attention from traders, as demonstrated by its volume-to-market cap ratio of 16%.
RUNE intense upward drive
Over the last twenty days, RUNE has demonstrated resilience and followed an ascending trajectory. Notably, today’s performance is among its finest since mid-May 2024, when it recorded comparable growth spikes.
In more straightforward terms, the price of the token has just surpassed a significant barrier at $5 per unit on the daily chart, yet doubts linger as to whether this upward trend will persist.
On the 5th of August, RUNE‘s price plummeted in line with a broader market slump. However, from approximately the 6th of September onwards, there was a surge in aggressive purchasing that lifted RUNE’s value.
For the past twenty days, the Bollinger Bands, initially contracted due to bullish actions, have expanded once more, suggesting an increase in market volatility and a possibility of continued price rise.
Furthermore, the MACD (Moving Average Convergence Divergence) has turned positive, indicating that the buying power continues to dominate.
For traders, it could be advantageous to consider purchasing when the market dips towards approximately $5.10, since price corrections frequently occur following substantial market movements like this one.
If RUNE doesn’t manage to stay above $5, it would be wise to wait for more developments before taking any actions. Although we must exercise caution, there are still multiple indicators pointing towards a positive trend for RUNE.
Network statistics
As an analyst, I’ve observed that a significant factor influencing the value of RUNE is its Total Value Locked (TVL), which currently stands at approximately $853 million. Notably, this figure has been gradually climbing since June 2023, largely due to a series of advancements within the THORChain network.
In the past day alone, the chain has seen an impressive trading volume of more than $126 million, over 31,000 swap transactions, and a total earnings of approximately $304,000. This significant activity suggests a robust growth trajectory for the chain, with its annual revenue surpassing the $100 million mark.
As a crypto investor, I’ve been keeping a close eye on THORChain. They’re putting in the work to enhance their decentralization initiatives, and it’s exciting to see. Recently, THORChain unveiled plans to delve into Decentralized Finance (DeFi) on Bitcoin, which could potentially fuel its growth trajectory even more.
Lately, THORChain has hit a record peak, boasting 111 active nodes and over 107 million RUNE tokens staked, which equates to around 32% of its total circulating supply.
In every three-day period, fresh validators are incorporated, while older ones are discarded. This results in a genuinely distributed liquidity network that’s always evolving.
Approaching the 120-node limit may trigger a “bond conflict,” potentially leading to heightened activity and causing the price of RUNE to escalate.
THORChain new burn mechanism
To wrap things up, THORChain recognized the efforts of its developer community, emphasizing that the network’s decision-making process is decentralized. In this setup, nodes are responsible for making decisions, while developers carry out their implementation.
On planet X, Pluto observed a recent advancement: the deployment of V136 and ADR 17 protocols. This new development results in a small fraction of the system’s income, equivalent to one basis point per block (approximately 0.01%), being destroyed or “burned” with each transaction.
Read THORChain’s [RUNE] Price Prediction 2024–2025
As a RUNE investor, I’ve noticed that this coin’s burn mechanism is at work, decreasing the total supply available in the market. If the demand for RUNE continues to be robust, this scarcity could potentially drive up its price.
Given these aspects, there’s a strong possibility that RUNE could continue climbing, potentially hitting $10, which would translate into approximately an 87% profit for investors taking advantage of its ongoing progress.
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2024-09-27 09:44