THORChain’s RUNE token, a decentralized liquidity protocol that allows users to easily exchange cryptocurrencies between various networks without losing full custody of their assets, has become the most appreciated altcoin today. So why is RUNE soaring?
RUNE becomes the highest rising altcoin project of the day
cryptocoin.com As we have also reported, this year THORChain has suffered from several hacking attacks, and these consecutive attacks have caused the RUNE price to drop. However, this week, the protocol announced that it will reopen the Ethereum pool along with other altcoin and BTC-based pools. Having risen 19 percent in the last 24 hours, the announcement appears to have had a positive impact on the price of RUNE. Since dropping to $2.95 on July 20, RUNE’s price has risen nearly 300 percent to $12, according to the data, and there has also been a noticeable increase in trading volume.
According to experts, the two reasons behind the recovery and building strength seen in RUNE are the resumption of trading capabilities on all five supported blockchains, including the Ethereum (ETH) network, and the imminent launch of multiple new projects on the THORChain network.
Ethereum pools opening on THORChain
According to experts, the main development driving the momentum behind RUNE was the re-enablement of trading services on all supported Blockchain networks, with the Ethereum pool reopening on October 21. Trading activity was curtailed following the attack in April, and after rechecking the code, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools are in the process of reopening.
According to data provided by THORChain, the demand from those who want to trade on the protocol manifested itself when the trading volume of ERC-20 tokens saw almost $2 million minutes after the pool reopened.
Future airdrops and token launches
Another reason for the rising price action for RUNE, according to experts, is the imminent launch of a large number of new projects on the THORChain network, which will soon be listed on the Thorstarter (XRUNE) platform, a decentralized launchpad for the RUNE ecosystem. Some of the major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI wallet.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.