THORChain (RUNE) up 65%: right here’s why the token is rising

• THORChain (RUNE) token worth has gained 65% over the previous week and 53% over the previous month.
• There was a major surge in social quantity round THORChain.
• The social quantity is driving notable consideration towards the cross-chain liquidity protocol.

Though the worth of THORChain (RUNE) continues to be down 10% from its begin of the 12 months worth, the token has been on a robust bullish pattern for the reason that starting of August. It has risen by 68% since August 1, pushing the worth from round $0.92 to the present worth of $1.55.

Whereas some are tremendous excited with RUNE’s upward trajectory, some are sceptical that the token may expertise a pullback seeing that the rise has been so sharp. To completely perceive how far the token may rise and the chances of a pullback, we will delve into the components pushing the worth up.

Why THORChian (RUNE) worth is rising

In keeping with knowledge on Santiment, the THORChain worth surge is fueled by a surge in social quantity. In keeping with the info, RUNE’s social quantity elevated by 4,300% between August 7 and August 13, driving vital consideration towards the THORChian protocol and its native token.

As well as, THORChain’s constructive investor sentiment additionally grew 6,100% throughout the identical timeline. This additional prompted RUNE’s buying and selling quantity to spike as extra traders jumped in.

THORCHian, which is a cross-chain liquidity protocol, in April, partnered with the web3 firm Unizen to permit customers to swap their Ethereum (ETH) and Avalanche (AVAX) for Bitcoin (BTC) whereas additionally allowing customers to retailer property on totally different chains. This has been an amazing driver of the elevated exercise within the THORChain ecosystem.