THORChain (RUNE) has been on a steady rise in recent weeks. The price of the cryptocurrency has increased by nearly 300% in the past month. In this context, it rose from $1.52 to $6.46 on October 20.
In the last 24 hours alone, the price of RUNE has increased by over 10%. In this context, it increased its weekly rise to almost 70%.
Why Did THORChain (RUNE) Price Rise Today?
At the time of writing, THORWallet DEX has a wide range of 33 coins and 41 trading pairs. According to CoinGecko, the exchange’s 24-hour trading volume is over $316 million.
Among these, the BTC/RUNE trading pair has emerged as the most active. The 24-hour volume of this pair is $105 million.
This development caught the attention of many traders who found the protocol’s sudden increase encouraging. pulled.
Have you ever wondered where @THORChain Is it really heading? Last weekend Thorchain processed 2% of the total $BTC spot volume Although such a large market share is not the rule yet, the protocol is growing very quickly. Let’s have a look where we can be in a few months from now. https://t.co/rmMvkKH0oB
— RUNE⚡Onwards (@bull_rune) November 16, 2023
Bitcoin (BTC) advocates also joined the campaign. cryptocurrency Erik Voorhees, founder of exchange ShapeShift, is urging others to use THORChain for daily transactions.
Recently, THORChain surpassed PancakeSwap to rank third among decentralized exchanges (DEX) in trading volume. In this context, it has consolidated its position as a leading local asset consensus protocol.
Serving as an alternative liquidity layer for centralized exchanges (CEXs), the network has significantly fueled its growth and influence in the crypto space.
Earlier this week, THORChain had already surpassed Curve Finance in overall transaction volume. Its sudden meteoric rise was unexpected even for kernel developer Chad Barraford.
Koinfinans.com Meanwhile, RUNE’s price remains 70% below its all-time high of $21.26 on May 19, 2021, as we reported.
RUNE has outperformed tokens such as Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Chainlink (LINk), among others.
Moreover, its 400% annual gain so far suggests it may still be too early for investors to purchase the token.