- THORChain (RUNE) has had an outstanding rally, doubling its price in one week, setting a 90-day high in the process
- RUNE began rallying after THORChain announced the reactivation of its pools
- THORChain has scheduled its mainnet launch for the Christmas holidays
- Nine Realms Capital is currently working on integrating Terra (LUNA) into the THORChain network
Earlier this year, THORChain experienced a number of protocol breaches, which saw approximately $8 million being siphoned from its reserves. In addition, the network breach took a significant toll on the price of its native token, RUNE.
RUNE fell from its all-time high of $21.26 in May to as low as $3.2 in July. After months of inactivity, THORChain announced that it would reactivate its Ethereum pool, causing a major change of events for the token.
Price Updates
The reactivation of some of THORChain’s pools, including Ethereum, sparked a significant rally that has seen the price of RUNE jump by more than 100% in one week.
The price rally saw RUNE climb from as low as $7.2 to a 90-day high of $13.96. At the time of this writing, RUNE trades at $12.7068. THORChain is ranked as the 52nd largest crypto, with a market cap of $3.291 billion.
The seven-day price chart of THORChain (RUNE). Source: Tradingview
If RUNE consolidates, remaining in the $12 territory, the coin is predicted to experience a strong movement anytime. If there is a strong bullish push, RUNE could rally up to $15.5 before sellers kick in. $20 remains the long-term target for RUNE.
Recent Developments
This week, the protocol announced that it would reopen its Ethereum pool, along with other altcoin and BTC-based pools, and the announcement appears to be having a positive impact on RUNE price.
Just days after THORChain reopened its pools, the network announced that there are over 500 layer1 (real) Bitcoin in the THORChain network. The funds are currently owned by 1,488 liquidity providers on the network.
On October 26, THORChain announced the addition of 30m RUNE tokens to the network reserve. The tokens were generated from swapping BEP2 (Binance) RUNE to the native RUNE tokens. The new tokens will be used to pay out to nodes and liquidity pools.
Future Events
THORChain plans on giving its users the best gift on Christmas. THORChain has scheduled a mainnet migration by Christmas. The Mainnet launch of THORChain will bring unlimited staking to the network.
Expanding its reach in the decentralized economy, THORChain has hinted at an upcoming partnership with Terra (LUNA). Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
The integration of Terra into the THORChain network is currently being worked on by Nine Realms Capital. However, THORChain did not give a specific date for the integration of Terra into the THORChain network.
Developers on the network have released a teaser for an update on the ThorYield app. The update shares images showing new futures on the yield app but does not peg a date for the release of the ThorYield app Version 2.
On The Flipside
- While THORChain leads the development segment, it remains one of the lesser-known crypto projects
- According to its report, 98% of the world’s population have yet to hear about THORChain (RUNE)
Community
THORChain has been one of the most community-involved blockchain projects. THORChain isn’t profit-oriented, unlike most crypto projects, as all fees generated by the protocol go directly to the users.
Users who have been with the project through its major losses and downswings form the core of its community. These members are ardent believers in the project and hold a bullish stance about the future of the project.
@Crypto_Euphoria, a user who has stuck with the project since hitting rock bottom in July, tweeted:
Posted this when $RUNE was at $3.62.Currently trading at $12.35. Up 241%.@THORChain is the superior, but please. Do proper research, if not you might miss out on the extreme gains in the time ahead.One protocol to bridge all crypto native. $RUNE https://t.co/BD6naICUIC— Crypto Psycho (@Crypto_Euphoria) October 24, 2021
As the Ethereum network was reactivated, @TheRuneRanger, an ardent believer in THORChain, wrote;
Reminder to whoever runs the @THORChain account to stay humble Some strong proclamations recently, let’s relax a bitWe’ve just made it back from months in the gutter, let’s redeem ourselves, but in a humble wayJust my two $RUNE— $RUNE Ranger (@TheRuneRanger) October 25, 2021
Clearly pleased with the performance of RUNE, @CryptosBatman, wrote;
Doubled my LP position on THORChain over the last days and will continue to add more over time.The rewards are too good to pass on. I can't say no to earning more $RUNE $BTC $ETH $BNB and $USDC either. It's a no-brainer to me. pic.twitter.com/wHkZx9WrW0— CryptosBatman (@CryptosBatman) October 26, 2021
As the price of THORChain soared, financial analyst Zack Guzmán wrote:
Decentralized exchange @THORChain has surged 70% this week as all chains have been reactivated for swaps and liquidity/volume reach new highs: pic.twitter.com/Uirdx45nh4— Zack Guzmán (@zGuz) October 26, 2021
As RUNE soared, @tauseef82 shared this advice:
ARE you Not Entertained @THORChain $RUNE $LUNA $QNT $BTC Keep accumulating still cheap $RUNE you will love this by the end of 2021 !! Remember we will still see #RAISETHECAPS— CryptoMonk#REDEMPTIONOFRUNE$RUNE (@tauseef82) October 23, 2021
Why You Should Care?
THORChain, although in a recovery phase, remains a promising project with a lot of potential. The network combines a range of novel technologies, including one that helps mitigate “impermanent losses” and a TSS protocol to facilitate cross-chain token swaps seamlessly.
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