Despite moving onto its own blockchain in June last year, THORChain’s RUNE coin has had a tough 12 months.
The crypto has lost, but has managed to go on a recovery over the last two months or so.
investors will be hoping it can use that as a basis for further growth.
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 September 29 2023.
Let’s examine some of the THORChain price predictions being made on September 29 2023. 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.
First, CoinCodex had a rather mixed short-term THORChain price prediction. It said RUNE would fall to $1.88 by October 4 before recovering to $2.36 on October 29. The site’s technical analysis was bullish, with 25 indicators making positive signals and just five sending bearish ones.
DigitalCoinPrice made a THORChain price prediction for 2025 that saw it worth $7.07. PricePrediction.net said the coin would trade at $2.30. CaptainAltCoin claimed RUNE would reach $21.36 in two years time.
Moving on to a more long-term THORChain price prediction, PricePrediction.net said it would hit $16.43 in 2030. CaptainAltCoin forecast the token to trade at $53.41. DigitalCoinPrice made a RUNE price prediction that saw it reach $11.07 at the start of the next decade.
THORChain recently announced it was expanding into crypto lending.
The blockchain’s lending platform will allow people to use their Bitcoin (BTC) and Ethereum (ETH) crypto assets as collateral against loans made in the TOR stablecoin.
Loans are interest-free and have a minimum period of 30 days.
This announcement was followed by the news that the Binance chain was linked to THORChain.
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.
So far, 2023 has also been not as good as it could 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 has been some recovery since then. 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 $1.95 by September 29.
At that time, there were 335.9 million RUNE in circulation out of a total supply of 484.9 million. This gave the coin a market cap of about $657 million, making it the 50th-largest crypto by that metric.
RUNE has fallen since 2021, although it has been in an uptrend since the middle of June.
Its current price is more or less where it was in February this year.
The price of RUNE is still going up, and could get to at least $2.30 relatively soon.
It is hard to say. RUNE has taken a big hit over the last 18 months or so and, while there has been a small recovery recently, it has still underperformed so far this year.
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.
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.
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.
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 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.
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.
RUNE is also available to be bought, sold, and traded on exchanges.
At that time, there were 335.9 million RUNE in circulation out of a total supply of 484.9 million.
It could do. CaptainAltCoin says it will hit double figures by 2025. PricePrediction.net thinks it will happen in 2029 and DigitalCoinPrice says it will get there in 2028. .
RUNE has traded at above $10 before, most recently in April 2022.
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.
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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.