The pseudonymous host of crypto outlet Coin Bureau is sharing his price analysis on the altcoin RUNE, the native token of decentralized exchange protocol THORchain.
In a new video, the analyst known as Guy tells his 1.51 million YouTube subscribers that “the sky’s the limit” for RUNE as the crypto bull run plays out.
“As time goes on, cryptocurrency is starting to look like just another arm of the existing financial system. Everywhere you go, you need to provide KYC [know-your-customer]. Almost all of the services you use involve an intermediary and everything you do is tracked to a T.
This trend toward surveillance and centralization is concerning, to say the least, but luckily there are some cryptocurrencies which are working to keep this industry free. THORchain is arguably at the top of this list. And now that it’s back online, it’s high time to remind you all just how important this crypto project is.”
Back in June, THORchain was hacked several times for around $13 million. Developers took steps in August and September to “harden” the protocol, according to Guy. Now he sees RUNE’s price action reflecting positive sentiment.
“RUNE is rallying quite nicely and is quickly approaching its previous all-time high. This milestone should be easily reached, and that’s for three reasons.
Firstly, now that THORchain is back online it means more cryptocurrency will be added to THORchain’s various vaults. Because THORchain nodes must stake 1.5 times the value of RUNE for the value of the cryptocurrency in THORchain’s vaults, this creates buying pressure for RUNE as more crypto is deposited into these vaults.
Secondly, THORchain liquidity providers depositing the crypto into THORchain vaults must pool an equivalent of RUNE for those assets too, meaning they will also buy more RUNE.
And thirdly, users of THORchain’s various DEX [decentralized exchange] front ends must pay for all transaction fees in RUNE, which turns them into a…
