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Highlights
- THORCHain (RUNE) is witnessing a rally of 9.27% on 31 May on the back of its Luna Airdrop announcement.
- Rune protocol ensured that all the addresses for the pre-and-post-attack snapshots were included during the airdrop.
- On 31 May (2:25 GMT+1), RUNE was trading at US$3.34 with a trading volume of US$20,52,48,087, as per CoinMarketCap.
While the crypto market has been struggling with extreme volatility in the past few weeks, THORCHain (RUNE) seems to be making merry in the same period. With the volatility and fear factor gripping the market due to the May crypto crash, very few cryptos have shown indications of a breakout.
RUNE, the independent blockchain network built on the Cosmos SDK, seems to be one of them, which has already amassed gains of 4.4% in the past 14 days, according to CoinGecko. On 31 May, the token continued its good run as it was up by 9.27% in the past 24 hours. The crypto was also generating good volume interest as it too was up by over 60%.
Related read: What’s the reason for Verasity (VRA) crypto’s uptick?
What’s the reason for the rise?
This seamless swapping of crypto assets is rising on the back of its competition with the LUNA airdrop. On 30 May, THORChain Vault TERRA addresses were provided to TFL to allocate the Community Pool distribution. Rune protocol ensured that all the addresses for the pre-and-post-attack snapshots were included during the airdrop. The remaining balance of the vaults was earmarked to be distributed later on a pro-rata basis.
At the time of writing, the MACD line suggested a good momentum upwards during the intra-day trading. The line showcased a positive crossover with the MACD line creating a gap between the signal line, suggesting that momentum is getting stronger.
Image credit: Trading View
Even the Relative Strength Index (RSI) during the intra-day trading showcased a bullish momentum with market participants showcasing their interest in the token. However, the bulls might have to wait for a breakout, with RUNE first needing to move from its current rangebound scenario.
Related read: Can this minor rally end NEXO’s bear run?
How is RUNE price faring?
At the time of writing, RUNE was trading at US$3.34 with a trading volume of US$20,52,48,087 as per CoinMarketCap. The RUNE token was up by 9.95%, with a volume gain of 64%. RUNE crypto had a live market cap of US$1,11,71,75,137 with 33,06,88,061 RUNE coins in circulation.
The RUNE investors will be hoping for the much-awaited breakout and expect the rally to get stretched further to cover up its losses. But it remains to be seen how long investors can cherish the rally. The market participants need to be careful that prices in the crypto market can change at any time. Therefore, one must tread into the area with caution.
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