The price of THORChain tokens (RUNE) has seen a significant increase over the past week and month. The token has risen by 65% in the last week and by 53% in the last month, despite being 10% lower than its price at the start of the year.
The impressive trend has been fuelled by increased social volume and investor sentiment. Data from Santiment shows that social volume surrounding THORChain has increased by 4,300% since August 7th, and investor sentiment has grown 6,100% within the same period.
The popularity of THORChain can be attributed to its cross-chain liquidity protocol. Following the partnership between THORChain and Unizen in April, users are now able to store their assets on multiple chains and swap Ethereum (ETH) for Avalanche (AVAX) and Bitcoin (BTC). This has caused an increase in activity across the THORChain Ecosystem.
It is clear that the price of RUNE has had a bullish trend since August. The token has risen from $0.92 to $1.55, marking an increase of 68%. While some are optimistic about RUNE’s future, others are wary that the token could experience a pullback due to the sharp rise. To truly understand the potential for a pullback and how high the token can rise, we must examine the factors driving this price increase.
