Thorchain: The Bucking Bull
RUNE's performance since March has been abysmal. Is it time to bail?
Thorchain ($RUNE-USD) is one of my favorite protocols in all of DeFi. I’ve written about Thorchain a few times on Heretic Speculator with the most recent example being back in November.
At that time, I noted how overbought RUNE, the native asset of the protocol, had become. But even then I made the argument that the rapid rise in the price of RUNE was fundamentally driven. What feeds RUNE’s value is the utility of the protocol itself. For a look at how it all works, I’d invite you to read my July 2023 note that breaks down the utility of Thorchain that I find to be so interesting.
In my November post, I theorized that the party in RUNE could actually continue precisely because the rally was fundamentally driven. At the time, RUNE was trading at over $6 per coin. The coin is admittedly very volatile. But my call for a continuation of the rally came to fruition in March when RUNE took out $11 per coin. It’s been a gnarly bleed out since then and we are beyond due for an updated look at this crypto high flier.
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