YEREVAN (CoinChapter.com) — THORChain (RUNE) has been on a continuous rally in recent weeks. The cryptocurrency’s price has surged around 300% over the past month, soaring from $1.52 on Oct. 20 to $6.46 while writing.
In the past 24 hours alone, the price of RUNE has jumped over 10%, taking its weekly rally to nearly 70%.
In what is perhaps a missed opportunity for some traders, a $1,000 investment on June 15, 2023, when the token fetched $0.79, would be worth over $8,000 today.
Why is THORChain (RUNE) Price Up Today?
At the time of writing, THORWallet DEX boasts a diverse selection of 33 coins and 41 trading pairs. According to CoinGecko, the exchange’s 24-hour trading volume stands at over $316 million.
Among these, the BTC/RUNE trading pair has emerged as the most active. It accounts for a 24-hour volume of $105 million.
The development has caught the attention of many traders, who find the protocol’s sudden surge encouraging.
“Have you ever wondered where THORChain is really heading? Last weekend Thorchain processed 2% of the total BTC spot volume. Although such a large market share is not the rule yet, the protocol is growing very quickly,”
one RUNE maximalist wrote on X.
Bitcoin (BTC) proponents have also joined the campaign. Erik Voorhees, founder of cryptocurrency exchange ShapeShift, is calling on others to use THORChain for daily trades.
Recently, THORChain overtook PancakeSwap to ascend to the third position among decentralized exchanges (DEX) in trade volume, solidifying its standing as a leading native asset settlement protocol.
Serving as an alternative liquidity layer for centralized exchanges (CEXs), the network has significantly bolstered its growth and influence in the crypto space.
Earlier this week, THORChain had already overtaken Curve Finance with its overall trading volume. Its sudden meteoric rise was unexpected even for its core developer, Chad Barraford.
Meanwhile, the price of RUNE remains 70% below its all-time high of $21.26 on May 19, 2021.
RUNE has already outperformed tokens such as Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Chainlink (LINk), among others.
Moreover, its 400% yearly gains thus far indicate that it may still be too early for investors to buy the token.
