Key Takeaways:
- THORChain outperformed the world’s largest cryptocurrency Bitcoin in Oct.
- Launch of $THOR token, Relaunch of trading on Ethereum chain and upcoming THORSwap IDO are some reasons for the token’s meteoric rise.
NEW DELHI (CoinChapter.com) — THORChain, an independent blockchain built using the Cosmos SDK, has outperformed Bitcoin in Oct performance.
While the world’s largest cryptocurrency had a great bull run in Oct, charting a new ATH before pulling back, it only managed to gain by 44.65%. On the other hand, THORChain’s RUNE token gained 86.30%, leaving Bitcoin far behind in the race for Oct’s top performer.
The reason behind THORChain’s meteoric rise is likely THOR’s launch announcements. The upcoming launch of THORSwap’s $THOR token in Nov may be one reason. In addition, the upcoming Initial DEX Offering for THORSwap’s $THOR by Thorstarter, a THORChain-based launchpad, also helped boost RUNE’s prices.
Furthermore, the reactivation of trading on the Ethereum chain and four other blockchains ($BTC, $BNB, $LTC, and $BCH) significantly boosted RUNE’s prices.
THORChain Launching $THOR On Nov 1
THORSwap, a decentralized cross-chain swapping platform that allows swapping without wrapping tokens, announced the launch of its token $THOR. The release will first take on Thorstarter on Nov 1 as a capped token launch, which means each participant can only buy $300 worth of $THOR.
In phase 2, THORChain would introduce an uncapped liquidity pool, allowing unlimited participation using $RUNE. Moreover, the second phase will activate on Nov 3, two days after the initial launch.
Also Read: Elon Musk slapped down Shiba Inu after SHIB soared 60% to a new ATH.
Meanwhile, after launching on THORChain liquidity pool, $THOR would become available on SushiSwap.
Thorstarter token launch plans to raise $750,000 by allocating 10 million $THOR for $0.075. The THORChain launchpad would require users to have XRUNE and vRUNE. XRUNE can be bought from SushiSwap or THORSwap. For vRUNE, investors need to stake 100XRUNE for 100 vRUNE.
The launch of $THOR would increase the demand for RUNE, therefore increasing the token’s prices. Moreover, there is certain grumbling regarding the $300 cap. However, $THOR is launching its IDO at $0.075 with a $37.5 million fully diluted market value with most of the supply non-circulating.
As such, according to a twitter-user THORchain.BULL believes that THOR developers decided to let the community make a profit.
Reactivated Trading Across Five Blockchains
THORChain suffered a series of protocol exploits, resulting in a drop in RUNE prices. However, after reaching a low of $3.01 on July 20, prices started moving upwards, registering a gain of 361% between July 20’s low and Oct 25’s high of $13.88.
Over the last three months, the gains can be attributed to the reactivated trading across all five supported blockchains. THORSwap announced the relaunch on its Twitter handle.
After the hack in April, trading seized on the five blockchain pools, Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), and Ethereum (ETH), resumed trading on Oct 21.
THORChain highlighted the demand for its trading pools, as investors racked up $2 million in trading value for ERC-20 tokens after it re-opened trading.
Before announcing the re-opening of its trading pools, THORChain announced several upcoming projects. Major upcoming launches announced include THORWallet, Brokkr Finance, Skipp Swap, XDEFI wallet.
Also Read: Sell the news? Bitcoin drops from $67K to $62K in just a day as BTC ETF hype fades.
THORChain’s native token, RUNE, continued its six-day long bull run, with prices touching a high of $13.08. The current bull run saw its prices gain 102%, moving from a low of $6.85 on Oct 19 to Oct 25’s high of $13.88. However, the relative strength index moved beyond 70 for RUNE, indicating the token is overbought.
The RSI for RUNE is at 78.21, well into the overbought regions. As such, RUNE bulls would be worried about a pullback from current levels.
If a pullback occurs, RUNE could find support near $11.71. However, any further downfall would likely see prices reach $10.27 before consolidating. Furthermore, RUNE also has support near its 26-day EMA at $9.125.
On the other hand, in case the upside continues, RUNE would face resistance at $14.35. The THORChain token could likely test resistance at $15.47 before pulling back if the buying sentiment keeps increasing. Moreover, a sustained uptrend would see prices reach $17 before pulling back.
At the time of writing, RUNE was trading at $12.95, up 4.28% on the day.
