Why is THOR (THOR) crypto price rallying?

The year 2021 was one of the best years for the blockchain sector. The digital assets saw robust returns. But after a turbulent new year that saw a significant crypto decline, the market is now gaining steam. Among others, the Thor (THOR) token has been acquiring pace lately.

Thor’s (THOR) unique services are catching attention. Its prices were up over 21% in the last 24 hours to Wednesday morning. However, the volume declined by about 40% at the same time.

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What is THOR (THOR) crypto?

The THOR protocol is designed to offer high, passive, and consistent yields to holders It aims to be a community-driven value-added protocol that is accessible and transparent to ensure zero hierarchy. It also seeks to provide a strong yield potential with an operable protocol.

It collects returns from the decentralized finance (DeFi) protocols across chains and protocol-owned liquidity for allocating rewards and yield holders.

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The users can enjoy various perks or passive returns through the THOR reward program. But they have to create a node to purchase THOR tokens to receive the rewards.

The platform does the heavy lifting through research and identifying tempting yield-generating options. The rewards are distributed to all the account holders daily.

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Why is THOR (THOR) crypto rising?

The THOR (THOR) crypto’s price rally follows various recent announcements by the firm. Investors lauded the company's announcement of the 11th treasury investment vote for US$250,000. The 12-hour voting started at 9 pm EST on March 15.

In another announcement, THOR revealed plans for the play-to-earn game, Gods of Asgard. On March 14, the company said the THOR would be the governance token in the game. In addition, Thor Financial would get 30% of all the revenue generated from the game.

It plans to use the revenue to fund buybacks, replenish the reward pools, boost the treasury, and support future projects.

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                                                     Source: *Data provided by CoinMarketCap.com

Bottom line:

The THOR token was priced at US$30.96 at 10:12 am ET on March 16, up 21.88%, while its one-day volume was down 40.93% to US$2.29 million. The market cap of the token was not immediately, but its fully-diluted market cap is US$633.29 million. The token's total and maximum supply is 20.45 million. It is available for trade on BKEX, TraderJoe, etc.

Irrespective of its latest price rally, investors should exercise due diligence before investing in digital assets as the market is volatile. The THOR token price fell about 55% in the last 30 days.

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