Earlier this year, THORChain was hit by a series of protocol vulnerabilities that removed $8 million in reserves, and these subsequent attacks significantly impacted the RUNE Prize. The protocol announced this week that it will reopen the Ethereum pool along with other altcoin and BTC-based pools, and this announcement appears to have a positive impact on the RUNE price.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.95 on July 20, RUNE has increased by 283% to $11.64, with a notable increase in trading volume.
RUNE/USDT 1-day chart. Source: TradingView
Two reasons to recover and gain strength in RUNE are the restart of trading functionality on all five supported blockchains, including the Ethereum (ETH) network, and the upcoming launch of several new projects on the THORChain network.
Ethereum pools are open
The main event that gave impetus to the development of RUNE was the reactivation of trading services on all supported blockchain networks with the resumption of Ethereum on October 21.
Trading activity was limited after the April hack, and after the token was re-verified, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools were about to reopen.
According to data provided by THORChain, pent-up demand for the protocol’s trading was demonstrated by the near-spot trading volume of $2 million in ERC-20 tokens a few minutes after the pool reopened.
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Future airdrops and token release
Another reason for the upward price movement of RUNE is the upcoming launch of several new projects on the THORChain network, which will soon be listed on Thorstarter (XRUNE), the decentralized launch platform of the RUNE ecosystem.
Some of the upcoming major launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap, and XDEFI Wallet.
According to Cointelegraph Markets Pro, market conditions have been favorable for RUNE for some time.
Exclusive to Cointelegraph, VORTECS™ is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS™ result (in green) vs. RUNE price. Source: Cointelegraph Markets Pro
As shown in the chart above, RUNE’s VORTECS™ score has been up in green for most of the past week, peaking at 74 on October 18, about 19 hours before the price surged 29% over the next two days. days.