Why THORChain Just Exploded 84% To Become 3rd Biggest DEX

With the recent surge in the native token, RUNE, the THORChain ecosystem is buzzing with enthusiasm. The uptick in RUNE not only reflects a surge in interest but also underscores a burgeoning confidence in the project.

This positive momentum is intricately tied to the ecosystem’s ongoing development. Examining the coin’s performance over the past week, there are indications that this upward trajectory might persist.

At the time of writing, RUNE was trading at $6.09, up nearly 20% in the last 24 hours and tallied a commanding 83% rally in the last seven days, figures from Coingecko shows.

Source: Coingecko

THORChain Snags 3rd Spot In DEX Trade Volume

THORChain has recently jumped to third place among decentralized exchanges (DEX) in terms of trade volume and has quickly become a top native asset settlement protocol.

As an alternative liquidity layer for centralized exchanges (CEXs), the network has additionally contributed to its expansion.

Trading volume as of today reached an impressive $1.44 billion, which solidifies THORChain’s position as a big player in the cryptocurrency world.

DeFiLlama says that the protocol is now very close to industry leaders Uniswap and PancakeSwap, marking a significant milestone in its journey toward dominance.

Exciting developments abound for the token as THORChain’s third-quarter (Q3) 2023 report showcases remarkable strides and blockchain milestones. The period witnessed a phenomenal 114.4% surge in total trading volume, skyrocketing to an impressive $2.38 billion.

RUNE market cap a little over $2.14 billion. Chart: TradingView.com

Simultaneously, liquidity fees collected surged to an astounding $3.38 million. This positive momentum propels the token’s upward trajectory, reflecting the substantial progress and achievements outlined in THORChain’s latest report.

After a bullish rise since the end of October, the price of RUNE has moved into active territory. Before this spike, the price of the coin stayed stable, selling between $1.7 and $0.8 nearly daily for more than eight months.

The interesting turn of events began on late October when RUNE broke through the strong resistance level at $1.7. Even though negative traders tried to drive the price down, buyers were too strong and kept their ground.

RUNE price action in the last seven days. Source: Coingecko

THORChain Rally Faster Than Expected 

Since then, the price has been going up since the beginning. But on November 12, a new barrier showed up and stopped RUNE’s push toward $5.3. The coin’s momentum is full of twists and turns, which keeps investors interested as the market moves quickly.

The fact that THORChain’s rise has been faster than expected and has surpassed Curve Finance shows how important it is becoming in the DeFi scene.

Okay, this happened much faster than i thought. Just took 2 days instead of 2 months. But its happened, @THORChain has more trade volume in a week than @CurveFinance.

Next is @PancakeSwap 🎯 https://t.co/xbGkKfFtRU pic.twitter.com/YdPeCZiOQA

— Chad Barraford (@CBarraford) November 13, 2023

The main creator of THORChain, Chad Barraford, was surprised by how quickly things were moving forward. He did admit that things were moving much faster than expected, taking only two days instead of the two months that had been planned.

Source: Money Control

This good news shows that the protocol is moving quickly and surprisingly in a good direction in the decentralized banking sector.

Meanwhile, metrics show that RUNE is strongly overbought. According to Money Control, the RUNE RSI is around 80 and the MACD is at 47.26, which is a bullish number that shows how the market feels right now.

Featured image from Pixabay