Despite the prevailing bear market, Thorchain has managed to chart a unique course, hitting a significant Thorchain DEX volume milestone. The network’s ThorWallet DEX has recently seen its total volume exceed $200 million, marking a substantial growth despite the bearish market conditions. However, the performance of RUNE, the network’s native cryptocurrency, has remained somewhat range-bound, raising questions about the correlation between DEX volume and token performance.
Thorchain’s Path to the Volume Milestone
Thorchain’s ThorWallet DEX has not only survived but thrived in a market that has been favoring bears. The total volume of the DEX recently surpassed the $200 million mark, signaling robust growth and adoption. This growth has been particularly noteworthy given the challenging market conditions, which have seen bulls struggling to gain traction.
The achievement of this Thorchain DEX volume milestone indicates that Thorchain is on the right track when it comes to adoption. The performance of both the ThorWallet DEX and the Thorchain protocol in a full-blown bull market will be interesting to observe.
RUNE’s Price Performance Amidst DEX Growth
Despite the Thorchain DEX volume milestone, the performance of RUNE, Thorchain’s native cryptocurrency, has been less exciting. The token, which has been one of the most bullish cryptocurrencies in the past four months, showed a bearish trend in the first half of October. This trend was a significant departure from its previous rally, driven by the network’s organic growth.
RUNE’s price, which peaked at $2.26 at the beginning of October, has since cooled down, with its press time price showing a 27% discount from the peak. The sideways trading of RUNE suggests that either the bears have lost momentum, or RUNE holders are unwilling to sell at the current price level. Despite this slow phase, traders remain optimistic about RUNE’s future prospects.
Looking Forward: Development Activity and RUNE’s Prospects
While RUNE’s performance has been somewhat lackluster, the Thorchain network has been buzzing with activity. The development activity on the network has been on the rise, particularly since the start of October. This uptick in development activity could potentially instill more confidence in traders and aid the bulls in their battle against the bears.
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Ultimately, the impact of the Thorchain DEX volume milestone on RUNE remains to be seen. However, the network’s growth and development activity paint a promising picture for the future.
