THORChain Price Jumps 78%
THORChain announced that it will reopen its Ethereum pool along with other altcoin and BTC based pools, which positively impacted the RUNE price.
Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $2.95 on July 20, the RUNE price has risen 283% to $11.64, and there has also been a marked increase in trading volume.
RUNE’s growth has come from the restart of trading capabilities on all five supported blockchains, including the Ethereum (ETH) network, as well as the upcoming launch of several new projects on the THORChain network.
According to data provided by THORChain, the pent-up demand for protocol trading showed almost instantaneous trading volume in ERC-20 tokens of USD 2 million a few minutes after the pool reopened.
Another reason for the bullish price movement for RUNE is the upcoming launch of several new projects on the THORChain network. They will soon be listed on the Thorstarter (XRUNE) platform, which is the decentralized launch pad for the RUNE ecosystem.
Some major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap, and the XDEFI wallet.
According to Cointelegraph, market conditions have been favorable for RUNE for some time.
As you can see from the graph above, the VORTECS ™ valuation for RUNE was raised in the green for most of the past week and peaked at 74 on October 18, about nineteen hours before the price rallied 29% over the next two days.