Thorchain’s native token RUNE gained 30 percent in the last 24 hours after the crypto investment company Multicoin Capital announced that it had accrued a significant asset position.
RUNE traded at about $3.90 on Feb. 23 before Multicoin revealed its acquisition, which sent shares up to an all-time high of $5.61.
THORChain’s token was relatively unaffected by the February 22 collapse that saw BTC and several altcoins dip dramatically, with RUNE up 34 percent in the last seven days. This news comes from the back of a powerful year for RUNE, with prices increasing almost 62,000 per cent since it was released 18 months ago.
The rally moved RUNE up the market cap charts to now rate 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 that enables users to swap spot tokens through blockchains.
In addition to the launch, Multicoin shared a research paper detailing the promise of THORChain. The study disclosed that the investment company is enthusiastic about the potential to exchange tokens between various blockchains as a crucial incentive for traders:
“Trading is one of the primary use cases for crypto. However, trading across chains requires users to trust centralized exchanges and use two wallets […] This process is clunky. Swapping PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare.”
Multicoin is a 2017-based crypto investment company that invests in blockchain firms, coins, and tokens. The company invested in Audius’ decentralized music distribution program in October 2020 and recently invested in the Manta network in early February.