- Rune is the native token of the ThorChain ecosystem. Recently, the price saw a massive surge.
- The weekly charts showed an increase of more than 50%. The growth is due to an increase in social sentiments.
Since the beginning of August, ThorChain Rune continues to enjoy a favorable crypto market, despite the bearish trend. The price continues to increase as investors rediscover the profitability of this token. Moreover, many investors made massive profits after the token increased by over 50%.
ThorChain Rune Increases by Over 50%
- The weekly charts of ThorChain Rune show the crypto token is up for massive growth in the market. Since the beginning of August, the token is definitely among the top gainers. Previously, it went up more than 300% before the new week started. Even in the new week, the token continues its quest to increase its price.
- At the time of writing, ThorChain is currently at the price of $1.60. In the daily charts, the token’s price is down by 0.11%. But the price increase reflects mainly in the weekly and monthly charts. This gives a testament to Rune’s massive bullish run in the past weeks.
- For the past seven days, Rune is up by more than 57%. In the same week, the biggest price increase stood at $1.65, while the lowest price was at $0.99.
- In the monthly charts, Rune is doing quite well, too, with a price increase of more than 53%. But the price is still down by a whopping 41% in the past year. This reflects the massive bear market the crypto market suffered over the past year.
Why is ThorChain Rising in Price?
- There’s definitely a reason for a cryptocurrency to increase by more than 50% in the past week. Data from Santiment shows the current surge is due to an increase in the token’s social volume.
- Apparently, RUNE’s social volume increased by 4,300% between August 7 and August 13. This made many investors and traders get interested in the token and start trading it.
- Furthermore, THORChain’s positive investor sentiment grew 6,100% within the same period. In fact, this made more investors jump into the token for trading.
What Is THORChain RUNE?
- The category of ThorChain is a decentralized liquidity protocol that allows users to exchange cryptocurrency assets easily. Apparently, this liquidity protocol allows their users to access different networks without losing full custody of their assets in the process. The native token of this ecosystem is RUNE, and the price continues to be bullish.
- Furthermore, ThorChain allows crypto enthusiasts to swap their assets into another without relying on order books. In other words, users can easily get liquidity, swap tokens, and move assets across blockchains without needing order books.
- ThorChain Rune acts as the governance token of the ecosystem. In other words, with this token, users can easily participate in the ecosystem’s decisions. Moreover, this token is also part of THORChain’s Sybil resistance mechanism.
Conclusion
ThorChain Rune is a growing blockchain ecosystem, as well as a crypto token. Apparently, investors cashed out on this token after it went gaga with the price increase. It surged by more than 50% in the weekly charts. However, detailed research shows an increase in social volume is the reason behind the surge.
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Featured image from ThorChain
