THORChain (RUNE) has been constantly losing value since April 2022 with a few hikes. The asset rose by 48% over the past seven days, reaching a key milestone of $1.42 on Aug. 13.
According to data provided by Santiment, the recent surge in THORChain’s price was fueled by a significant surge in social volume. Per the data, RUNE’s social volume rose by 4,300% between Aug. 7 and Aug. 13, driving notable attention toward the cross-chain liquidity protocol.
Moreover, positive investor sentiment around THORChain has grown by 6,100% in the mentioned timeline. This caused the asset’s trading volume to spike as more investors jumped in.
Over the past 24 hours, however, RUNE’s social volume and positive sentiment plunged significantly as the asset dived the $1.34 mark.
RUNE is up by 5.5% in the past 24 hours and trading at $1.39 at the time of writing. According to CoinMarketCap (CMC) data, the digital asset witnessed a 30% in its 24-hour trading volume, reaching $150 million.
On the other hand, RUNE’s one-day price volatility has dropped by 30%, per the market intelligence platform. The sudden decline comes while THORChain’s price stays at a 15-week high despite low whale activity.
In April, THORChain partnered with the web3 company Unizen to allow users to swap their Ethereum (ETH) and AVAX for Bitcoin (BTC). This also permits users to store assets on different chains.
