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THORChain Price Prediction 2024: Can RUNE Recover After Slump?

Last Updated February 2, 2024 12:06 PM
Peter Henn
Last Updated February 2, 2024 12:06 PM

Key Takeaways

  • THORChain’s RUNE cryptocurrency has made a recovery over the last two months and is up from the start of the year. 
  • The new THORChain lending protocol and a partnership with Binance helped boost the price in September 2023.
  • Can RUNE get back to former heights? 
  • One THORChain price predictions says RUNE can reach $21.36 in 2025.

 THORChain’s RUNE coin had a tough 12 months after moving onto its own blockchain in June 2022,.

The crypto lost value, but has managed to go on a recovery in late 2023. 

The introduction  of a lending protocol in August saw it shoot up in price. This was enhanced  when it enabled the Binance (BNB) blockchain in September.

On February 2 2024, RUNE was worth about $4.55

THORChain did not immediately respond to a request for comment

But what is THORChain (RUNE)? How does THORChain work? Let’s see what we can find out, and also take a look at some of the THORChain Price Predictions that were being made as of February 2 2024.

THORChain Coin Price Prediction

Let’s examine some of the THORChain price predictions being made on February 2 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2023 2025 2030
Prediction #1 $6.27 $56.31 $140.78
Prediction #2 $9.05 $10.79 $33.87
Prediction #3 $6.28 $9.65 $64.32

First, CoinCodex  had a rather mixed short-term THORChain price prediction. It said RUNE would stay around $4.55 until at least February 7 before climbing to $6.28 by March 3. The site’s technical analysis was bearish, with 18 indicators making downbeat signals and 11 sending bullish ones. 

THORChain Price Prediction for 2024

CaptainAltCoin  said RUNE would reach $6.27 by the end of this year. DigitalCoinPrice  said it would trade at $9.05. PricePrediction.net  thought it would stand at $6.58 in 2024. 

THORChain Price Prediction for 2025

DigitalCoinPrice made a THORChain price prediction for 2025 that saw it worth $7.07. PricePrediction.net said the coin would trade at $9.65. CaptainAltCoin claimed RUNE would reach $56.31 next year.

THORChain Price Prediction for 2030

Moving on to a more long-term THORChain price prediction, PricePrediction.net said it would hit $64.32 in 2030. CaptainAltCoin forecast the token to trade at $140.78. DigitalCoinPrice made a RUNE price prediction that saw it reach $33.87 at the start of the next decade. 

Google BardAI Price Prediction for THORChain (as of February 2)

Google’s BardAI platform gave the following price prediction for THORChain on February 2. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (Next 3 months):

  • Bullish scenario: RUNE could potentially reach $7-$10. Reasons:
    • Continued growth in trading volume on THORChain’s platform.
    • Successful launch of additional liquidity pools and features.
    • Positive overall cryptocurrency market sentiment.
  • Bearish scenario: RUNE could drop to $3-$4. Reasons:
    • Regulatory crackdowns on DeFi protocols.
    • Security vulnerabilities or exploits on THORChain.
    • Broader market downturn in the cryptocurrency space.

Medium-term (Next 12 months):

  • Bullish scenario: RUNE could reach $13-$17. Reasons:
    • Increased adoption of THORChain by institutional investors and large trading firms.
    • Integration with major DeFi projects and ecosystems.
    • Significant progress on THORChain’s roadmap and development goals.
  • Bearish scenario: RUNE could remain around $4-$5. Reasons:
    • Slow adoption rate and limited user base.
    • Competition from other decentralized exchange platforms.
    • Unforeseen technical challenges or delays in development.

Long-term (Next 5-10 years):

  • Bullish scenario: RUNE could reach $100 or even higher. Reasons:
    • Widespread adoption of DeFi and cross-chain trading technology.
    • THORChain becoming a leading player in the decentralized finance space.
    • Significant network effects and increased demand for RUNE tokens.
  • Bearish scenario: RUNE could struggle to maintain its current price or even decline. Reasons:
    • Failure to achieve mainstream adoption and overcome scalability challenges.
    • Regulatory restrictions or bans on DeFi activities.
    • Emergence of superior alternative technologies or platforms.

Important factors to consider:

  • Overall cryptocurrency market sentiment and trends.
  • Regulatory landscape and potential legal challenges.
  • Adoption rate and user base growth for THORChain.
  • Development progress and execution of THORChain’s roadmap.
  • Competition from other DeFi and cross-chain platforms.

It added: These are just possible scenarios, and the actual price movement of RUNE could be very different. It’s crucial to do your own research, understand the risks involved, and never invest more than you can afford to lose.

Recent Updates from THORChain

In February 2023, THORChain developers proposed  burning, or destroying, 60 million RUNE in an attempt to create more space for loans on the blockchain.

RUNE Price History

Now, let’s examine the THORChain price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a THORChain price prediction.

RUNE first hit the open market in the summer of 2019, when it was worth about $0.015. It rose over the following 18 months or so to close 2020 at $1.17. The crypto then enjoyed a profitable early 2021, peaking at an all-time high of $21.26 on May 19 that year. The price then fell, and it closed the year at $6.80. 

2022 was a bad year for crypto, and RUNE fell as the market went through a series of crashes. THORChain suffered and it closed 2022 down more than 80% at $1.26.

THORChain in 2023 and 2024

THORChain Price History
RUNE rallied in late 2023 | Credit: CoinMarketCap

2023 was, perhaps, not as good as it could quite have been for THORChain. The coin initially rose to reach a high of $1.96 on February 8, but has since fallen. On June 15, in the wake of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges, it fell to $0.7836. 

There was a recovery after that. The coin picked up traction in August and not even the news that Elon Musk’s SpaceX had offloaded millions of dollars worth of Bitcoin (BTC) could stop it trading at about $1.70 by October 10. RUNE then went on an upturn, reaching $7.27 on December 2 before closing the year at $5.16. Despite the drop, THORChain was able to gain nearly 60% across 2023. 

2024 has, so far, been somewhat less encouraging. On February 2 2024, THORChain was worth about $4.55.

At that time, there were 339 million RUNE in circulation out of a total supply of 486 million. This gave the coin a market cap of about $1.5 billion, making it the 47th-largest crypto by that metric. 

THORChain Price Analysis

THORChain Price analysis
RUNE could fall before it rises again.

After consolidating for more than 400 days in a sideways range, RUNE’s price reached a low in the middle of June 2023. This was its lowest point since the all-time high of May 2021, marking the end of the bear market. 

A new uptrend began and RUNE recovered by 900%, to its December high. It reached its next significant resistance zone, which had previously served as support, and fell. 

It made a downturn, but bounced in January. Now, the price is interacting with its resistance again. If the price breaks above the level, it could be an early indication that this downtrend has ended and that the price of THORChain is now headed above $7. 

But if it doesn’t break through, which is more likely, another lower low of $3.20 would be expected before the next uptrend begins.

Is THORChain a Good Investment?

It is hard to say. RUNE rallied in late 2023, but that year’s year-on-year gain still underperformed against the market. 

On the other hand, the introduction of Streaming Swaps suggests that the platform is still managing to come up with ideas to make operating it more enticing for people.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in RUNE.

Will THORChain go up or down?

No one can really tell right now. While the THORChain crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in THORChain?

Before you decide whether or not to invest in THORChain, you will have to do your own research, not only on RUNE, but on other, related, coins and tokens such as Uniswap (UNI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of THORChain?

THORCHain was founded in 2019 by a group of anonymous developers. While this is not uncommon in crypto, investors may want to put their money somewhere where people can be held accountable.

Fact Box

Supply and distribution Figures
Total supply 482,378,984
Circulating supply (as of February 2 2024) 339,603,362 (70.4% of total supply)

 

From the Whitepaper

In its technical documentation or whitepaper , THORChain says it is designed to help people trade safely and securely. 

It says: “The network is serviced by a group of anonymous nodes who bond a certain amount of the network’s asset and are continuously churned to ensure liveness and prevent capture. The nodes are compelled to participate in continuous key-generation ceremonies to create vaults with a virtual private key.”

THORChain (RUNE) Explained

THORChain is a decentralized liquidity exchange. In other words, it allows people to create liquidity pools for decentralized exchanges (DEXes). This means that people can then list tokens on DEXes which are not on the platform’s native blockchain. 

THORChain, which was founded in 2019 by a group of anonymous developers, aims to make it easier for DEXes to offer a wider range of coins and tokens to their customers. 

The system is powered by the RUNE coin.

How THORChain Works

THORChain uses a Proof-of-Stake (PoS) consensus mechanism. This means that people are selected to add blocks to the blockchain and verify transactions based on how much RUNE they hold.

RUNE holders can also vote on changes to the THORChain network. People need to put up, or stake, RUNE in order to operate the computers, or nodes, on the network.

People can also buy, sell, and trade RUNE on exchanges. 

THORChain Attention Tracker

THORChain Google Search Volume
THORChain Google search volume | Credit: Google

Here is a chart for the THORChain Google search volume for the past 90 days. This represents how many times the term “THORChain” has been Googled over the previous 90 days.

FAQs 

How many THORChain are there?

On February 2 2024, there were 339 million RUNE in circulation out of a total supply of 486 million.

Will THORChain reach $100?

It could do, but not for some time. CaptainAltCoin says it will hit double figures by 2030 while PricePrediction.net thinks it will happen in 2031.

It is important to remember that RUNE has never traded at $100. 

What is THORChain used for?

RUNE is used to give holders the right to vote on changes to the THORChain platform, and holders can stake it, or set it aside, in order to operate nodes on the network. People can also buy, sell, or trade it on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

 

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