THORChain suffered a hit back since the year began, just like other cryptocurrencies. However, not everyone is ready to give up their hopes. Some people are still keeping their faith in the THORChain coin and expecting prices to rise.
Will that be a reality in 2022, or will THORChain dip more in value?
Let’s find out!
What is THORChain?
THORChain is a unique crypto project. It allows users to buy and sell crypto assets across blockchains.
As a result, it is a decentralized, cross-chain liquidity network.
THORChain is decentralized, meaning it is autonomous and needs no human intervention to work. It allows cross-chain or transfer of assets between several supported blockchains.
Lastly, THORChain is a liquidity network that enables users to trade crypto without buyer and seller matching. It uses a pool of funds to support crypto transactions even if direct trading is unavailable.
What is the RUNE Token?
The native utility token of the THORChain platform is called RUNE. The main function of the coin is to provide liquidity to facilitate crypto buying and selling.
Additionally, RUNE holders can participate in the governance of the platform. It also goes towards paying incentives and fees on the network.
Lastly, RUNE secures the technology and supports the growth of the THORChain ecosystem. It is available for trading in different cryptocurrency exchanges.
RUNE Price Analysis for 2022
RUNE began the new year at around $6.70, as per data from CoinGecko. However, things started going wrong as the whole crypt market suffered a setback.
As a result, RUNE was down to $3.51 in July 2021, which was an 83% decline from its all-time high.
The situation improved a bit around November when the value of RUNE reached $16.56. However, the price again went down to $6.80 on the last day of the year.
How is RUNE going to perform in the coming days?
Crypto experts are not giving up on RUNE so quickly. As per Wallet Investor, the token is an “awesome” option for long-term investment and they also think that, the value of RUNE may climb to $11.44 in another year.
However, not everyone is so optimistic about RUNE. According to PricePrediction, the average price of RUNE for 2022 hovers around $5.76, climbing to a maximum price of around $6.81.
Digitalcoin has a similar prediction for RUNE for this year. They predict the token could grow to $5.38 in value during the coming days, and that it could start 2023 at $6.40.
RUNE could be a key cryptocurrency to keep your eyes on in 2022. It is currently trading at $3.97, as per CoinGecko. CoinGecko also thinks that the token could bring you a return on investment (ROI) of 10,447%; the value of RUNE has increased by 66.3% in the past year.
RUNE could turn out to be a key crypto for growth this year and the THORChain ecosystem could expand to facilitate more growth. It is attracting top names like Synthetix to become a partner of the platform.
The management could also make an effort to make THORChain more secure. It has undergone an audit by CertiK to identify vulnerabilities and strengthen the security of the platform.
THORChain could become a top performer in 2022 based on the numbers. However, the crypto market is highly volatile and prices could change at any moment. As a result, current market research should be the foundation to invest in cryptocurrencies. So, always stay on top of the latest market trends to minimize your risks in crypto.