Tremendous Data from THORChain: RUNE Crypto Hits $3.39 in a Historic Increase

Crypto News – For the first time since its inception, the monthly trading volume on the cross-chain liquidity network THORChain (RUNE crypto) surpassed $3 billion in October.

Tremendous Data from THORChain: RUNE Crypto Hits $3.39 in a Historic Increase

The protocol’s Streaming Swaps functionality was integrated across multiple platforms throughout the month, which caused a spike in volume. Streaming Swaps, which was introduced in September, enables THORChain users to divide a single exchange into several smaller swaps that are carried out gradually. The primary purpose of its design was to mitigate price slippage, which is the discrepancy between the anticipated and actual prices at which a trade is conducted. 

TVL Value Increased by 51% in the Last Month

October saw a notable increase in THORChain’s DeFi total value locked (TVL) in addition to a new high in monthly trading volume. The protocol’s TVL rose by 51% during the 31 days, according to data supplied by DefILlama. As of this writing, THORChain’s TVL was $491 million, the highest since May 2022, and it was still rising.

Furthermore, the liquidity held throughout the liquidity pools contained within the network’s decentralized exchange (DEX), ThorSwap, consistently increased in October. Since the start of the month, the exchange’s overall liquidity has increased by 40% to $187 million as of October 31.

RUNE Crypto Hits Highest Level in the Last 18 Months

October’s overall market expansion had an effect on THORChain’s native token, RUNE. The token’s value increased by more than 45%, per CoinMarketCap data. RUNE was traded at a price last seen in May 2022, at its market value of $3.39 at the time of publication. RUNE was the cryptocurrency asset that saw the biggest increases over the last week, rising by 33.75%.

The heightened demand for cryptocurrency in the last month was the driving force behind RUNE’s 18-month high. The daily chart’s price changes verified the spot traders’ consistent token accumulation.

The crucial momentum indicators were set at overbought levels. RUNE had a money flow index (MFI) of 89.39 and a relative strength index (RSI) of 81.66. Even while these numbers point to strong bullish momentum, price declines frequently follow. Even so, the bulls continued to dominate the Directional Movement Index (DMI), as the positive directional index (green) was positioned above the negative directional index (red).