THORChain DEX Volume Surges 300% as RUNE Token Increases 22%
RUNE Token Surge
- RUNE, the native token of THORChain, increased by 22% in 24 hours, trading at $1.63 with a market cap of $574 million.
- DEX trading volume rose by 300% over the past month, reaching $1.2 billion.
- Total value locked (TVL) in THORChain decreased to $211 million.
- Recent DEX volume hit $667.73 million in the past week.
Bybit Hack Impact
- THORChain faced criticism after the Bybit hack resulted in a loss of 499K ETH.
- Hackers laundered $250 million via THORChain, correlating with increased trading volume.
- Concerns arose over THORChain not freezing hacked funds and its ability to pay off a $200 million debt.
TCY Token Announcement
- THORChain plans to issue TCY (Thorchain Yield) tokens to address its debt, with a total supply of 200 million tokens.
- A liquidity pool for RUNE/TCY will be established with $500,000 starting at $0.1 per TCY, funded by $5 million from the treasury.
Price Analysis
- RUNE's Relative Strength Index (RSI) is at 50.98, indicating balanced market conditions.
- Breaking above resistance at $1.56 may lead to further price increases if support holds at $1.32 and $1.09.
- Potential upward movement towards $2 is possible.
