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THORChain Price Prediction as RUNE Pumps Up 46% – What’s Going On?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The price of THORChain (RUNE) has risen to $1.35 today, representing an impressive 46% gain in the last seven days.

RUNE is also up by 30% in the past month and by 5% since the beginning of the year, although the coin has actually fallen by 54% in the last 12 months and by 93.5% since reaching an all-time high of $20.87 in May 2021.

However, with THORChain – a decentralized liquidity and trading protocol – witnessing increased usage over the past few weeks, it’s highly likely that RUNE will enjoy further gains in the near future.

THORChain Price Prediction as RUNE Pumps Up 46% – What’s Going On?

If there’s one coin in the top 100 that’s surging right now, its RUNE, which has seen its technical indicators explode in the past few days.

Source: TradingView

Its relative strength index (purple) peaked at nearly 90 yesterday, yet rather than crashing down to Earth as the coin becomes overbought, the indicator has remained above 70.

This signals some very strong and sustained buying momentum, which is also indicated by RUNE’s 30-day moving average (yellow), which continues to rise steeply above its 200-day average (blue).

This indicates a decisive breakout to a new longer-term level for Rune, which has now risen so far beyond its previous support levels (green) that it’s likely to consolidate around a higher base once the current rally has played out.

Yet it’s possible that this rally may not subside for a few days or even weeks yet, given that it has happened as a result of the emergence of really positive growth data for THORChain as a decentralized exchange/liquidity protocol.

<oembed url="https://twitter.com/THORmaximalist/status/1690880656572903424[/embed]

Pretty much every kind of metric available right now is showing growth for THORChain, with the cross-chain protocol seeing increases for its total value locked in, its volumes and the number of swaps it facilitates each day.

And what’s particularly bullish about RUNE is that, the more THORChain grows, the more in-demand the altcoin will become.

<oembed url="https://twitter.com/KyleKrason/status/1690915366921244672[/embed]

In particular, the growth in THORChain’s liquidity pools necessitates a corresponding growth in RUNE, which is kept in excess of any single cryptocurrency listed and locked on the platform.

In other words, THORChain uses RUNE as over-collateralization for each of its pools, meaning that the bigger its pools become, the more RUNE has to be locked up.

<oembed url="https://twitter.com/THORChain/status/1689595386602897408[/embed]

This should result in a rising price over time for RUNE, which can be expected to rise to $1.50 in the next few weeks.

Other High-Potential Altcoins

As strong as RUNE looks at the moment, it isn’t the only high-potential altcoin in the market right now, with a number of other tokens emerging in recent months and promising some serious returns.

Among the best new altcoins in the market are various presale tokens, which could potentially rally big once trading platforms add them.

One strong contender for such a rally is Wall Street Memes (WSM), a new ERC-20 token that has raised more than $23.7 million since opening its presale in June.

Source: TradingView

What’s most promising about Wall Street Memes is that it has emerged out of the meme stocks movement that helped instigate the 2021 GameStop rally, with the token already having a substantial online community around it.

This explains why it has raised so much money in such a short space of time, with its Twitter account now boasting 259,000 followers, which is far beyond the accounts of most meme tokens.

Wall Street Memes has also been helped by its decentralized tokenomics, with 50% of its maximum supply (2 billion WSM) being reserved for the presale and another 30% being kept for community rewards.

It’s likely that this distribution has helped attract more investors, who can see that they’ll have a comparatively larger stake in the token and that they’ll be protected from big selloffs.

To join the WSM presale, new investors need simply go to the official Wall Street Memes website and connecttheir crypto wallets.

1 WSM currently costs $0.0334, yet this will rise to $0.0337 by the sale’s final stage, which isn’t far away now.

This leaves new buyers with little time to act if they want to buy WSM while it’s still cheap.

Visit Wall Street Memes Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.