Why is THORChain (RUNE) crypto rising?

Be the First to Comment Read

Why is THORChain (RUNE) crypto rising?

Why is THORChain (RUNE) crypto rising?
Image source: © Kviztln | Megapixl.com

Highlights:

  • THORChain, a decentralized liquidity protocol, allows users to exchange crypto assets across networks.
  • The token is available for trading on exchanges like Binance, SushiSwap, etc.
  • It saw the highest price of US$9.87 in the last 30 days.

The crypto market strongly rebounded on Friday morning after a steep fall the day before. It rose 9.21% to US$1.31 trillion at 8:27 am ET, while its one-day volume fell 43.67% to US$142.29 billion.

The THORChain (RUNE) crypto also saw considerable gains.

Also Read: Top 5 travel stocks to explore: MAR, BKNG, ABNB, DAL & LUV

What is THORChain (RUNE) crypto?

THORChain, a decentralized liquidity protocol, allows users to exchange crypto assets across various networks. It also gives users full custody of their digital assets.

Users can swap an asset with any crypto through a permissionless liquidity protocol without relying on order books to source liquidity. The asset ratio in the pool also keeps the prices stable.

RUNE is the native utility token of THORChain. It is utilized as a base currency in the ecosystem.

Additionally, it works as a governance and security token as a part of a Sybil resistance mechanism. The THORChain nodes must pledge at least one million RUNEs to participate in a rotating consensus process.

Also Read: Why is Dogecoin (DOGE) crypto gaining attention amid a dip?

The token is available for trading on crypto exchanges like Binance, SushiSwap, etc.

Although there was no clear reason for its price surge, the rally in the broader crypto market may have boosted its gains. Also, the project’s unique features may have drawn attention.

Besides, THORChain on Friday said that it had updated the analytics dashboard on its THORWallet DEX. It also said its next focus would be on community tiers and their integration into the web app.

Also Read: Why is Tether (USDT) crypto dropping from its dollar-pegged price?

THORChain (RUNE) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The RUNE crypto was priced at US$3.56 at 8:31 am ET on May 13, up 21.79%, while its volume for the trailing 24 hours declined 37.39% to US$222.09 million. It has a market cap of US$1.17 billion, and its fully-diluted market cap is over US$1.78 billion.

The token has a maximum supply of 500 million, a total supply of 334.93 million, and a current circulating supply of over 330.68 million. It saw the highest price of US$9.87 and the lowest price of US$2.46 in the last 30 days.

Also Read:  Delivery app Instacart privately files for IPO - What we know so far

Risk Disclosure: Trading in cryptocurrencies involves high risks, including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles