RUNE surges with a bullish trend, strong TVL, and upcoming validator changes.
RUNE ranks first among the top 100 tokens by market cap.
Network activity in THORChain is growing.
THORChain [RUNE] has seen a recent surge in price and activity, making it a cryptocurrency to watch.
At press time, RUNE is trading at $5.64, up 14% over the past 24 hours. Trading volume has also surged 28% to over $308 million.
With a total RUNE token supply of 414 million, over 336 million in circulation, and a volume-to-market cap ratio of 16%, RUNE is a strong investment option with good liquidity and growing trader interest.
RUNE Strong upward drive
RUNE has shown strong momentum over the past 20 days, maintaining its upward trend. At press time, today is its best day since mid-May 2024, when it experienced a similar gain.
The coin recently broke through the key resistance level of $5 on the daily timeframe, but questions remain as to whether the momentum will continue.
The price of RUNE bottomed out on August 5th, in line with the overall market crash. A large amount of buying began to appear around September 6th, pushing the price of RUNE up.
During this 20-day bullish activity, the already tightened Bollinger Bands have opened up again, indicating increased volatility and the potential for further gains.
Moreover, the MACD (Moving Average Convergence Divergence) lines turned bullish, suggesting that buyers’ momentum remains strong.
For traders, a potential buying opportunity could occur if the market retraces to around $5.10 as a correction is usually seen after such a significant move.
However, if RUNE fails to sustain above $5, further price action should be watched before making any decisions. Despite the need for caution, several factors continue to support RUNE’s bullish outlook.
Network Statistics
A key metric driving RUNE’s value is its total value locked (TVL), which currently stands at $853 million. This figure has been steadily rising since June 2023, thanks to various developments on the THORChain network.
The chain has an annual revenue of over $100 million, a strong indicator of its growth. Meanwhile, over the past 24 hours, there have been over 31,000 swaps, with $126 million in on-chain volume and $304,000 in total revenue.
In addition, THORChain continues to strengthen its decentralization and announced plans to explore decentralized finance (DeFi) on Bitcoin, further supporting Bitcoin's upward momentum.
Recently, THORChain reached an all-time high with 111 nodes and 107 million RUNE tokens bound, accounting for 32% of the circulating supply.
New validators are added and old nodes are removed every three days to ensure a truly decentralized liquidity network.
As the 120 node limit approaches, a potential “bond war” could further increase activity and push RUNE prices higher.
THORChain’s new destruction mechanism
Finally, THORChain acknowledged the contributions of its developers, emphasizing the decentralized governance of the network, where nodes make decisions and developers execute them.
One of the latest developments is the implementation of V136 and ADR 17, which now burns 1 basis point (1bps) of system revenue per block.
This burning mechanism reduces the supply of RUNE, which could lead to price increases if demand remains strong.
Taking these factors into account, RUNE has the potential to rise further, with price predictions suggesting that it could reach $10, representing an 87% return on investment for those looking to capitalize on its current growth.
