Connect with us
Active Currencies 14434
Market Cap $2,630,821,578,579.80
Bitcoin Share 50.19%
24h Market Cap Change $-3.51

THORChain: Trading volume crosses ATH as RUNE rises 45%

2min Read

October was marked by a comprehensive ecosystem growth on ThorChain as the network achieved record-high monthly trading volume, a 51% increase in DeFi Total Value Locked (TVL), and a native token value surge of over 45%.

THORChain: Trading volume crosses ATH as RUNE rises 45%

Share this article

  • Trading volume on THORChain reached an all-time high in October.
  • RUNE’s value rallied by almost 50% in the same month.

The monthly trading volume on cross-chain liquidity network THORChain [RUNE] hit a record $3 billion in October for the first time since its launch.

How much are 1,10,100 THORs worth today?

The surge in volume was due to the integration of the protocol’s Streaming Swaps feature across several platforms during the month. 

Launched in September, Streaming Swaps allows THORChain users to break down a single swap into multiple sub-swaps executed over time.

It was designed primarily to help reduce price slippage, which is the difference between the expected price of a trade and the actual price at which it is executed.

October was a good month

In addition to a record high in monthly trading volume, THORChain recorded a significant rally in its DeFi total value locked (TVL) in October.

Data sourced from DefILlama revealed that during the 31-day period, the protocol’s TVL increased by 51%. Still trending upward as of this writing, THORChain’s TVL was $491 million, its highest level since May 2022.

Moreover, in October, the network’s decentralized exchange (DEX) ThorSwap recorded a consistent uptick in liquidity held across the liquidity pools housed within it.

As of 31 October, the exchange’s total liquidity reached $187 million, marking a 40% increase since the beginning of that month.

Source: Thorswap

Also, THORChain’s native token RUNE was impacted by the general market growth experienced in October. According to data from CoinMarketCap, the token’s value rallied by over 45%. 

At its press time market value of $2.90, RUNE exchanged hands at a price last observed in May 2022. With a 29% growth in the last week, RUNE led as the crypto asset with the most gains in the last week.

RUNE’s rally to an 18-month high was because of the increased demand for the altcoin in the last month. Its price movements observed on a daily chart confirmed the steady token accumulation amongst spot traders.

At press time, key momentum indicators were pegged at overbought highs. RUNE’s Relative Strength Index (RSI) was 81.03, while its Money Flow Index (MFI) was 89.39. While these values suggest high bullish momentum, they are often followed by a price drawback.

Regardless, the Directional Movement Index (DMI) showed that the bulls remained in control, with the positive directional index (green) resting above the negative directional index (red). 

Realistic or not, here’s THOR’s market cap in BTC’s terms

Confirming the strength of the uptrend, RUNE’s Average Directional Index (ADX) was 40.45 at press time.

When an asset’s ADX reaches 40, it suggests that the market is experiencing a substantial and well-established trend, and a reversal at that level might be challenging. 

Source: RUNE/USDT, TradingView


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.