2023-10-31 16:45 |
THORChain’s native RUNE token has seen its price go parabolic in recent weeks, surging over 80% in the past month. According to crypto analysts, this powerful rally is being driven purely by strengthening on-chain fundamentals.
As highlighted by Twitter user Hitesh, THORChain has been burning record amounts of RUNE tokens lately, with 125,000 RUNE burned on October 29th—the highest daily amount since the launch of THORChain lending. More loans and token burning should continue to provide buying pressure for RUNE.
Investor “The Wolf of DeFi” has noted RUNE’s price action seems disconnected from hype or speculation. Rather, growing platform usage and activity, like the accelerating token burn, organically boost THORChain’s value proposition.
The Wolf predicts RUNE will hit $3 this week and $6 shortly thereafter as denial shifts to FOMO. He believes THORChain’s potential is becoming too hard for skeptics to ignore, which will further fuel RUNE once sideliners capitulate.
RUNE’s fundamental-driven rally has already produced striking returns across recent timeframes. Per CoinGecko, RUNE has surged over 80% in the past 14 days. Over the past week alone, it has soared more than 30%. At press time, RUNE is up by over 12%.
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THORChain has demonstrated an ability to consistently ship code and expand utility. As adoption follows, the runway remains for RUNE to potentially see further exponential appreciation if it can monomaniacally focus on building.
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The post THORChain’s Fundamentals Drive RUNE Price Surge as Burn Rate Hits Record Highs appeared first on CaptainAltcoin.
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