Thorchain’s native token RUNE gained 30% within the final 24 hours after crypto venture firm Multicoin Capital revealed that it has collected a big place within the asset.
RUNE was buying and selling at roughly $3.90 on Feb. 23 earlier than Multicoin introduced their funding, which despatched costs hovering to new all-time highs at $5.61.
THORChain’s token was largely unaffected by the Feb. 22 crash that saw BTC and many altcoins dip significantly, with RUNE up 34% in the past seven days. This announcement comes off the back of a strong year for RUNE, with the price up almost 62,000% since it launched 18 months ago.
The rally has pushed RUNE up the market cap rankings to now rank as the 60th-largest crypto asset, with a total capitalization of $1.24 billion.
THORChain started in 2018 and is a decentralized cross-chain automated market maker (AMM) exchange allowing users to trade spot tokens across blockchains.
Alongside the announcement, Multicoin shared a analysis report during which they outlined the potential of THORChain. The report revealed that the funding agency is happy in regards to the capacity to buying and selling tokens between totally different blockchains as a key alternative for merchants:
“Buying and selling is likely one of the main use circumstances for crypto. Nonetheless, buying and selling throughout chains requires customers to belief centralized exchanges and use two wallets […] This course of is clunky. Swapping PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare.”
Multicoin is a crypto funding agency based in 2017, that invests in blockchain firms, cryptocurrencies, and tokens. The agency invested in decentralized music sharing service Audius in October 2020, and not too long ago invested in Manta Network firstly of February.