In a notable surge, THORChain, a native asset settlement protocol, has clinched the spotlight, boasting the third-highest trading volume among decentralized exchanges over the past week. The attraction seems pinned to the allure of high yields tied to its native token, RUNE.
Recent data from DefiLlama reveals THORChain’s remarkable ascent, marking a trading volume of $1.32 billion last week. While trailing behind Uniswap at $10.85 billion and PancakeSwap at $2.77 billion, THORChain has managed to carve a substantial niche.
What latest milestone stands out even more is THORChain’s: achieving its highest daily trading volume in history for $RUNE. Notably, the platform also boasts the second-largest trading volume, raking in $465.3 million over the past 24 hours.
This feat has exceeded expectations, notably outpacing projections set by THORChain’s core developer, Chad Barraford, who had initially estimated such a shift would occur before the end of 2023. Expressing his surprise in a Nov. 13 X post, Barraford acknowledged the speed of the achievement.
Erik Voorhees, a prominent Bitcoin advocate, highlighted THORChain’s influence in processing almost 2%, equivalent to $224 million, of the total spot Bitcoin trading volume within 24 hours from Nov. 11 to 12. Voorhees emphasized the significance: “Principled Bitcoiners should be familiar with THORChain. It is the only market to trade Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.
THORChain Price Prediction
The native token, RUNE, has been on a meteoric rise, escalating by 57% in the last week and an astonishing 200% over the previous 30 days, according to insights from CoinGecko. Rune is currently trading at $5.25, with a 1.25% decrease in the last 24 hours.
As per the latest insights from Coincodex, their analysis projects a potential 2.21% decline in RUNE’s price, anticipating it to reach $5.20 by November 16, 2023. Their technical assessments indicate a current Bullish sentiment, with a Fear & Greed Index at 73 (Greed). Over the last 30 days, RUNE has seen 21 out of 30 (70%) positive trading days, showcasing a 31.92% price volatility.
Coincodex’s technical analysis suggests that THORChain’s 200-day SMA will ascend and potentially reach $2.27 by December 11, 2023. Meanwhile, the short-term 50-day SMA is estimated to reach $4.76 by the same date. At present, the RSI stands at 86.19, signaling an overbought status in the RUNE market. Investors are cautioned to remain vigilant for a potential price correction.
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