In a stunning display of market resilience, the native token of cross-chain decentralized exchange THORChain, RUNE, has emerged as a top contender in the cryptocurrency world, soaring by a staggering 31.5 % over the past 24 hours. This recent surge is not an isolated incident but rather the crescendo of growing momentum, with 115.0% and 212.3% increases observed over the last 14-day and 30-day periods, respectively.
The sustained bullish momentum backing RUNE’s market performance has seen the DeFi coin reach a new annual high of $5.31, with a daily trading volume peaking at $1.28 billion. This impressive uptrend can largely be credited to THORChain’s continual innovation and platform enhancement.
Several professionals within the trade have identified new platform features as the powerhouse behind RUNE’s consistent upwards trajectory. Announced in THORChain’s Q3 2023 Ecosystem Report, the platform will now support an array of new features including lending, streaming swaps, streaming loans, and stablecoin savers.
An insightful cryptocurrency analyst known as The Wolf of DeFi noted the particularly impactful role played by the streaming swaps feature. This function allows large requests to be split into smaller increments for smoother processing over an extended timeframe. The Wolf of DeFi emphasized how this element has increased the platform’s swap volume and improved the annual percentage rates (APRs) for liquidity providers.
Correspondingly, stronger APRs are beneficial in attracting increased numbers of liquidity providers. These parties must invest in RUNE, the base asset of any THORChain liquidity pool, sparking a positive cycle termed the liquidity flywheel.
Moreover, The Wolf of DeFi indicated that for every non-RUNE asset dollar deposited in a THORChain liquidity pool, the network’s nodes correspondingly match it in RUNE. This brings additional buying pressure to market and facilitates a continued ascent for the token.
On reviewing RUNE’s daily chart, the relative strength index (RSI) hovers around 87.24, noting an overbought condition. Investors are thus advised to exercise caution against a possible price pullback. Despite this, RUNE may well maintain its bullish tempo due to the constant upgrading and attractive features being introduced by the THORChain team.
At current standing, RUNE is priced at $5.10, with an hourly gain of 3.2%, pushing its market capitalization up to $1.58 billion and ranking it 41st among global cryptocurrencies. As THORChain’s performance continues to gain global traction, it is evident that this platform and its innovative solutions are shaping the crypto trading landscape.
