The token’s trading activity went up by a significant 114.4%, reaching $2.38 billion in total volume. Additionally, the fees collected from liquidity amounted to $3.38 million.
Over the recent days, THORChain’s native cryptocurrency, RUNE, has shown robust performance, reaching its highest point in the last twelve months.
According to the crypto price aggregator, RUNE is currently trading at $4.65, marking its highest level in over a year. Just 24 hours ago, the price was 15.1% higher than its current value.
At the beginning of the trading day, it experienced negative momentum until a bullish takeover of the market drove it up to $4.00.
THORChain’s RUNE Surges on Strong Q3 2023 Report
Following THORChain’s third-quarter (Q3) 2023 report, confirming substantial advancements and key milestones, the token has experienced notable appreciation.
During this period, THORChain’s total trading volume surged by 114.4%, reaching $2.38 billion, accompanied by liquidity fees collected amounting to $3.38 million.
The market swiftly responded to the report’s release, leading to an 89% increase in the price of RUNE.
Significantly, this positive momentum coincided with a broader upswing in the global cryptocurrency market, attributed in part to the anticipation of a forthcoming Bitcoin (BTC) spot exchange-traded fund.
Over the past twelve weeks, RUNE’s value has risen by an impressive 212%. In the preceding two weeks, it witnessed an 85.4% increase, and in the last seven days, it recorded a rise of 37.2%.
THORChain’s RUNE and Thorswap Surge to Prominence
In a remarkable turn of events, Thorswap’s remarkable trading volumes have propelled it to the third-largest position among decentralized exchanges (DEX), complementing THORChain’s recent surge.
The network’s growth is further bolstered by its crucial role as a liquidity layer of last resort for centralized exchanges (CEXs).
The upward trajectory of RUNE began on October 21, breaking free from a two-month consolidation phase at a substantial support zone and surpassing the 20-day moving average (20 DMA). In the last month, this support level has facilitated an impressive +162% increase in value.
However, indicators suggest that RUNE is currently in a significantly overbought condition. Money Control notes that the RUNE RSI is hovering near 80, and the MACD indicates a positive threshold at 47.26, reflecting the prevailing market sentiment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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