Thorchain’s native RUNE token rose 30% in the past 24 hours after crypto venture firm Multicoin Capital announced it had built a large position in the asset.
RUNE was trading at around $ 3.90 on February 23, before Multicoin announced its investment, pushing prices to a new all-time high of $ 5.61.
RUNE / USD: CoinGecko
THORChain’s token was largely unaffected by the February 22nd crash that saw BTC and many altcoins drop significantly. In the past seven days, RUNE rose 34%. This announcement is based on a strong year for RUNE, with the price rising nearly 62,000% since it was launched 18 months ago.
The rally pushed RUNE up the market cap rankings and is now the 60th largest crypto asset with a total capitalization of $ 1.24 billion.
Launched in 2018, THORChain is a decentralized AMM (Cross-Chain Automated Market Maker) exchange that allows users to exchange spot tokens across blockchains.
Along with the announcement, Multicoin released a research report outlining the potential of THORChain. The report found that the investment firm is excited about the ability to trade tokens between different blockchains as an important opportunity for traders:
“Trading is one of the main use cases for crypto. However, for cross-chain trading, users need to trust centralized exchanges and use dual wallets […] This process is cumbersome. Exchanging PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare. “
Multicoin is a crypto investment firm founded in 2017 that invests in blockchain companies, cryptocurrencies and tokens. The company invested in the decentralized music sharing service Audius in October 2020 and recently invested in Manta Network in early February.
