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 third demand vector for RUNE.”
The crypto analyst next gives his price prediction for RUNE.
“In terms of how high we could go, I’ll reiterate that I really think the sky’s the limit for RUNE due to the insane value of what the THORchain protocol provides.
In my books, a realistic estimate for the remainder of this bull run is a 3- to 4x from here.
And the strong demand we’re seeing for truly trustless DeFi [decentralized finance] from Chinese crypto traders could take RUNE much higher.”
RUNE is currently trading at $13.74, according to CoinGecko. That’s close to its 7-day peak, but 34% below its ATH of $20.87 reached back in May.
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/zeber