THORChain finally launched its native blockchain platform, which has been under development for over four years. RUNE, the native coin, will facilitate activities within the network. The altcoin recorded healthy upsurges days leading to the mainnet launch.
The network welcomed the launch with an announcement that offered relevant info about the mainnet’s scope. It described the launch as a vital milestone enough to help THORChain achieve its incentivized (cross-chain) liquidity goals.
Moreover, THORChain revealed its commitment toward impressive growth, the mainnet launch reflecting the initial step. It highlighted that another move towards the goal would be pursuing RUNE’s listing on several crypto exchanges. The listing will ensure easier RUNE access, matching the growing demand.
Excited Bulls
THORChain’s mainnet launch triggered positive sentiments on RUNE. RUNE traded around the $0.058 lows on June 18 before kick-starting a bullish move. While publishing this blog, the altcoin traded near $2.32, following a 36.52% surge within the past seven days. Moreover, RUNE gained 7.74% over the previous 24 hours.
Cryptocurrency projects often see amplified demand for their respective native tokens days following massive events. RUNE confirmed such narratives with its recent price movements. Nevertheless, the alt still trades at substantial discounts due to the bearish markets that plagued it since 2021 Q4.
RUNE’s current price reaction confirms a massive need from market players looking to enjoy potential growth opportunities following the mainnet. Impressive market capitalization growth confirmed RUNE’s demand within the past week. The asset’s market cap stood at the $481.2 million lows on June 18 before climbing towards $731M on June 24.
The market cap increase correlated to surges seen in the social dominance index. It indicates the massive chatter surrounding the mainnet on social networks. Meanwhile, the metric increased from June 18 at 0.024 to the 1.44 highs as mainnet launch mentions peaked.
RUNE’s market capitalization and price surge show significant accumulation around the latest lows. The whale supply metric touched 44.45% monthly lows on June 16. Moreover, it saw a substantial uptick, surging to 44.81% by April 24.
Though the mainnet catalyzed positive reactions in RUNE’s price and demand, overall market conditions saw the upside capped. Nevertheless, the mainnet should ensure massive value as far as the long term is concerned.
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