THORChain (RUNE) surges 14%, hits $5.64 amid DeFi boom
The Essentials at a Glance
- THORChain (RUNE) saw a price increase of 14% within 24 hours.
- The current price is $5.64 USD, with trading volume up by 28% to over $308 million USD.
- Network activity is growing, driven by its decentralized structure and new developments in the DeFi (Decentralized Finance) space.
- A new burn mechanism could reduce the supply of RUNE and support the price in the long term.
Strong Price Surge for RUNE: What’s Behind It?
THORChain (RUNE) has experienced a remarkable 14% price surge in the last 24 hours. The current price sits at $5.64 USD, and trading volume has increased by 28% to over $308 million USD. This development makes RUNE one of the top-performing cryptocurrencies among the top 100 by market capitalization.
The rise is part of a sustained upward trend observed since early September. Notably, RUNE recently broke through a key resistance level of $5 USD. This could indicate further growth, although short-term corrections are possible.
Technical Analysis: Bollinger Bands and MACD Signal Volatility
Technical analysis shows that the Bollinger Bands, which had signaled a phase of low volatility, have opened up again. This suggests increased market activity and potential further price gains. Additionally, the MACD (Moving Average Convergence Divergence) has given a bullish signal, indicating strong buying momentum.
For traders, a buying opportunity could present itself if the price falls back to around $5.10 USD. Such pullbacks are common after strong price movements. However, if RUNE drops below the $5 USD mark, caution is advised, and further price developments should be monitored.
Network Activity and Total Value Locked (TVL)
A key factor in RUNE’s positive performance is the growing network activity. The Total Value Locked (TVL), which represents the total value of assets locked in THORChain, currently stands at $853 million USD. This figure has been steadily recovering since June 2023, indicating user confidence in the network.
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In the last 24 hours, over 31,000 swaps were conducted, with an on-chain trading volume of $126 million USD. The network’s total revenue amounted to $304,000 USD. These figures show that THORChain continues to be heavily utilized and is expanding its position in the DeFi space.
Decentralization and Validator Updates
THORChain is increasingly focused on decentralization. The network recently reached 111 active nodes (validators), which have bonded 107 million RUNE tokens. This represents 32% of the circulating supply. Every three days, new validators are added, and old nodes are removed to promote decentralization.
Once the 120-node limit is reached, a so-called “Bond War” could occur, where validators compete for participation in the network. This could further boost network activity and drive RUNE’s price higher.
New Burn Mechanism: Supply to be Reduced
Another interesting aspect is the recently introduced burn mechanism. With each block, 1 basis point (bps) of the system’s income is now burned. This reduces the available supply of RUNE and could, with steady or increasing demand, lead to further price increases.
The combination of rising network activity, decentralization, and the burn mechanism makes RUNE an attractive option for investors looking for long-term growth.
Our Assessment
THORChain (RUNE) shows strong signs of continued growth. The 14% price increase in just 24 hours is impressive, but there are also fundamental reasons supporting this trend. The growing network activity, increasing decentralization, and the new burn mechanism could drive the price even higher. Short-term corrections are possible, but in the long term, RUNE could potentially reach the $10 USD mark, offering an attractive return for investors.
Sources:
– CoinMarketCap
– TradingView
– Rayyyk/X
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