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.
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.
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.
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.
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:
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