THORchain Price Indications: Braced for 65% RUNE Acceleration - Inside Bitcoins

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The THORchain price has pumped by 63% since last week. In the previous 24 hours alone, this token has received a 14% uptick on the price chart. What could be the reason behind it?

The latest bullish wave is likely the result of the announcement of the ThorFi lending protocol, which has introduced deflationary attributes to RUNE.

When lending is turned on, $RUNE becomes deflationary:
1) All derived asset slip fees permanently burn RUNE
2) Perma-locked loans will never redeem RUNE (these are non-zero and constantly increase)

More burn features are planned.

— THORChain (@THORChain) August 10, 2023

While the price charts within weekly and monthly time frames have given users a reason to be excited, it is essential to note that THORchain is still 90% below its all-time high.

THORchain Surges 14% in 24 Hours

The latest charts show that THORchain (RUNE) has increased by 14% in the last 24 hours, bringing its price to $1.55.

Recorded at 4:58 am EST on CoinMarketCap, RUNE’s elevated price is accompanied by an increase of 14.36% in its market capitalization and a 9.2% pump in its 24-hour trading volume.

THORchain Price Analysis

Ranking at 69 on CoinMarketCap, THORchain is a DeFi crypto with a max supply of 500 million, which has now reduced to 486.7 million thanks to the deflationary attributes. The token has a circulating collection of 340.4 million.

THORchain has painted consecutive greens since August 5th. The straight greens and the current RSI of 91 show a sustained push to create a long bull rally for this asset.

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Furthermore, the RUNE’s 30-day SMA is en route to intersect with its 200-day M-A, indicating that this token’s long-term gain is possible. A decisive break out in the upcoming days could push its value even beyond. But will it be possible for this token to get closer to its all-time high soon?

It is less likely because that would require the token to jump by another 1762%. And even though the monthly increase of near-65% has put some confidence in this token, we remain skeptical about how long RUNE will be able to sustain its value.

THORchain’s Rallys on Data and Lending

There are multiple reasons why THORchain has attracted such a high level of interest all of a sudden. On August 14th, data shared by TCB showed that THORchain had become the world’s third-biggest decentralized exchange by trading volume.

The volume DEX lists update once a day.

In a few hours, @THORChain enter the top #3 DEX by trade volume.

This is noise, the goal is to steal CEX volume by competing directly on price.

Streaming swaps are changing the game. pic.twitter.com/TxJfhG522i

— TCB (@THORmaximalist) August 14, 2023

DeFillama.com has shown that THORchain is the #11 DEX by total value locked. There has been a 32.18% increase in its TVL in the last seven days. At press time, its maximum TVL stands at $3.98 billion.

On CoinMarketCap, THORchain ranks at #11 in terms of trading volume in the last 24 hours. Furthermore, the DEX has captured a 3.67% share of the DEX market.

Another bullish reason is the lending utility, which makes RUNE deflationary. It burns on the slippage fees and prohibits perma-locked loans from redeeming RUNE tokens. It has introduced high scarcity for THORchain, which could be a major catalyst behind the recent pump.

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However, while some signs indicate a long-term increase for THORchain, a couple of reds on any given day is all it would take to reverse the current bullish wave. Therefore, investors must be wary and invest in tokens not yet live on exchanges.

Wall Street Memes – THORchain alternative

Wall Street Memes is a better alternative to THORchain because, despite the recent surge, the current bullish wave can always be over, which would leave those who bought at peaks holding the bag.

Wall Street Memes is a meme coin, an ERC-20 token that has raised close to $24 million ever since it opened its presale in June 2023.

Inspired by Wall Street Bets, a Reddit group that created a nightmare for hedge funds managers by engineering Gamestonks – a Gamestop short squeeze, Wall Street Memes aims to do the same for meme coins and turn them into wealth-generating assets by creating and mobilizing a community around them.

And this community has grown, with over 250k followers on Wall Street Memes’ X (formerly known as Twitter) page, bringing its total follower count above 1 million across four social media platforms.

Featuring a community-centric approach with decentralized economics, this project’s current presale pace can allow it to outpace currently trending meme coins once it lands on cryptocurrency exchanges. Many experts have stated that it may be 10x once the presale is concluded.