Earlier this year, THORChain underwent a series of protocol exploits, which led to $8 million being drained from its reserves. These successive attacks took a heavy toll on RUNE price. This week, the protocol announced that it would re-open its Ethereum pool, along with other altcoin and BTC-based pools, and the announcement appears to be having a positive impact on RUNE price.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.95 on July 20, the price of RUNE has increased 283% to $11.64 and there is also a noticeable uptick in trading volume.
Two reasons behind the recovery and building strength seen in RUNE include the relaunching of trading capabilities on all five supported blockchains, including the Ethereum network and the upcoming launch of multiple new projects on the THORChain network.
Ethereum pools are open
The main development driving the momentum behind RUNE has been the reactivation of trading services across all supported blockchain networks, with Ethereum reopening on Oct. 21.
Trading has been enabled on Ethereum chain.@THORChain restarted all 5 blockchains - $BTC, $ETH, $BNB, $LTC, $BCH.— THORSwap ( ,) (Hiring Devs) (@THORSwap) October 21, 2021
Ethereum LP will be enabled when the pool prices are corrected.https://t.co/gNyDIEmCkL pic.twitter.com/gIJqA1fFgL
Trading activity was restricted following the April hack and after checking through the code again, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ether (ETH) and Bitcoin Cash (BCH) pools were in the process of being reopened.
According to data provided by THORChain, the pent-up demand for trading on the protocol was demonstrated by the near-instant $2 million in trading volume for ERC-20 tokens minutes after the pool re-opened.
Future airdrops and token launches
Another reason for the bullish price move for RUNE is the upcoming launch of multiple new projects on the THORChain network which will soon be listed on the Thorstarter (XRUNE) platform, which is a decentralized launchpad for the RUNE ecosystem.
With @THORChain tantalizingly close to restarting in all of its multi #blockchain glory, it's time to look at some of the more exciting tokens on the Asgardian horizon.— Fomocraft Ventures (@FOMOcraft) October 18, 2021
Once #Ethereum is plugged back in, the #ThorFi ecosystem is set to explode!$RUNE $THOR $TGT $BRO $SKIP $XDEFI pic.twitter.com/VpMhnVbCCT
Some of the major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI wallet.
According to data from Cointelegraph Markets Pro, market conditions for RUNE have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for RUNE has been elevated in the green zone for the majority of the past week and it reached a high of 74 on Oct. 18, around nineteen hours before the price increased 29% over the next two days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.