THORChain (RUNE) decentralized exchange (DEX) volume has shot up a massive 300% in the past seven days alone.
By Parth Dubey
Edited by Marco T. Lanz
Updated
3 mins read
RUNE, the native token of THORChain, a non-custodial, cross-chain liquidity protocol, has shot up a massive 22% in the past 24 hours. At the time of writing, the digital asset trades at $1.63 with a market cap of $574 million. This price surge amid a bearish market follows a 300% increase in the DEX trading volume in the last 30 days.
The RUNE token trading volume stands at a whopping $1.2 billion, as DefiLlama data shows a significant drop in total value locked (TVL) since late December. At press time, the THORChain TVL stands at a substantial $211 million. Despite a drop in TVL, the DEX volume shot up 300% to $667.73 million in the past week, suggesting increased activity.
THORChain has received a lot of criticism following the recent attack on leading crypto exchange Bybit, which resulted in a loss of 499K ETH. The hackers laundered a whopping $250 million using the blockchain protocol, which could be a reason for the surge in the DEX trading volume.
Notably, market participants on X (formerly Twitter) expressed doubts over THORChain not freezing the hacked funds. One X user said that THORChain is very “pleased” while laundering the money because it increases the chances of the protocol being able to pay off a staggering unserviceable debt of $200 million to its users.
The debt was a result of THORChain shutting off the THORFi services in late January. To pay off the debt, the protocol announced the debut of the TCY (Thorchain Yield) token, which will have a total supply of 200 million tokens. As per a report, the cross-chain protocol seeks to establish a RUNE/TCY liquidity pool with over $500,000 starting at $0.1 per TCY, funded by $5 million from the treasury.
THORChain remains a popular digital asset protocol despite the Bybit hack. A user on X (formerly known as Twitter) highlighted that the development is going in the right direction. Once THORFi users are made whole, the focus will once again shift towards the development of THORChain. “With no more emissions, inflation is no longer a concern,” the X user added.
As per the daily chart provided by TradingView below, the Relative Strength Index (RSI) for the RUNE price action reads a value of 50.98, which means that the bulls and the bears are evenly matched. However, the gradient of the line suggests that higher prices could soon follow.
Source: TradingView
Meanwhile, the price action of RUNE $1.12 24h volatility: 2.3% Market cap: $392.47 M Vol. 24h: $95.03 M is breaking out of the upper end of the Bollinger Bands, i.e., the resistance at $1.56 is broken. If this level is turned into support and lower levels of $1.32 and $1.09 hold, investors could see the altcoin making a move towards $2 in the near future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
