Thorchain (RUNE) Reaches a New All-Time High - Why is It Pumping?
Thorchain (RUNE) is a DeFi coin like no other. I was originally introduced to it by @shanghaipreneur and @jk6276 who continually told me to look into it.
At first I resisted, thinking that it was just any other hyped up crypto project. Then I started paying more attention to Thorchain. I followed their main account on Twitter and slowly found their active community through various twitter threads and updates about the project.
As I continued my slow but steady research into RUNE, I realized that this project was different than the others. The product was just in the infant stages of being born. With BEPswap starting and gaining traction, I decided to slowly start buying some RUNE.
I ended up buying about 50,000 RUNE while it was still under $0.45. This turned out to be one of my best plays in all of DeFi as RUNE drove straight up to ~$1.05.
December 29th, 2020 - RUNE Hits Another All-Time High
While the DeFi/altcoin market have been lagging a bit lately, RUNE decided to pull a 20% move and set a new all-time high. This came seemingly out of nowhere.
- Are whales buying up RUNE?
- Is there some fundamental insider info being circulated?
- Deterministic value?
- Liquidity black hole theory?
- Technical analysis?
Or maybe it's all of the above. I truly don't know and don't particularly care what the reason is.
Pump based on TA? I'm no technical analyst and I barely pay attention to charts. I track a few projects that I like from a fundamental perspective and I buy heavily when I believe in something. A few people on Twitter are saying that RUNE's TA is looking bullish 🤷🏽♂️
I've got my RUNE position and I ain't selling it any time soon. In fact, I continued to buy more RUNE even around $0.80. My most recent purchase was about 1 week ago at $0.87.
Considering that my average buy price is still under $0.50, it might seem crazy to pay nearly double that today. Not for me. RUNE is an asymmetric bet. If Thorchain successfully delivers on Native Bitcoin Cross-Chain Liquidity Pools then RUNE will quickly gain exponential value.
I could sell RUNE today and make about 2.3x on my original investment. No small chunk of change. Instead, I am keeping my investment for the long-run. Waiting patiently for that asymmetric upside to take place alongside the rise in deterministic value as more and more assets are locked up in the Thorchain liquidity protocols.
Multichain Will Launch us To the Moon
In a Tweet on Christmas, the Thorchain team announced that Multichain should be ready in Q1 2021. With 95% confidence
Of course, delays happen and Rome wasn't built in a day. I know from first-hand experience how difficult it is to buidl things.
As I said in my reply to Thorchain's tweet, I don't mind if they take the entirety of 2021. I'll continue buying while I believe RUNE is still cheap.
$1.20 is a Cool Milestone but Wen $6?
I love seeing RUNE at $1.20. Considering my average buy price, I love seeing the green P/L that accompanies my stake in the Thorchain project.
I still haven't become a liquidity provider because I believe so firmly in liquidity black hole theory, deterministic value and all of the other fundamental reasons backing up RUNE's ultimate rise to $6 and beyond.
Many in the Thorchain community will give me that sideways Thor chad look for not having pooled my RUNE and become a first-class citizen. For now, I'm not comfortable doing that. My rough target date to pool some of my RUNE is when native BTC launches or when we can open a WLEO-RUNE (ERC20) liquidity pool.
I've written about Thorchain a few times in the past. Here are some of my posts about it if you want to learn more:
Posted Using LeoFinance Beta
