Cryptocurrency investors have stuck through thick and thin during February and are now enjoying a period of gains. Over the past couple of days, the total crypto market cap has risen by 13% to $1.9 Trillion, thanks to Bitcoin’s advancement above key levels. The domino effect helped altcoins climb to weekly highs but none were more impressive than ThorChain’s ascent.
ThorChain’s native token RUNE had fully grabbed the attention of bullish traders since 28 February. Its price was currently trading at over a 1-month high after climbing by 72% over the past 3 days. A large green candle outlined gains of nearly 40% in a single day on 1 March, its highest daily gain in over two years.
Community Bullish On Terra Integration, Mainnet Launch
For a layer 1 protocol that allows users to transfer cryptocurrencies between blockchains, ThorChain’s utility is often judged on its integration with other projects. On that front, ThorChain made key progress by integrating Terra (LUNA) into its protocol. Once the reviewal process is complete over the next 3 weeks, users would be able to trade and stake LUNA on ThorChain along with the Terra stablecoin UST.
Terra (LUNA)’s an addition to the protocol marks a shift from a focus on legacy coins Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Binance Coin and now Terra make up the six projects that are currently integrated on the ThorChain protocol.
Additionally, the community is eagerly awaiting a mainnet launch. The same has been delayed several times since its initial planned release in 2021 but developers suggest that the mainnet was “on the horizon”. However, the developers released a checklist of tasks that needed to be completed before the mainnet goes live.
The checklist’s most prominent points included a ThorChain hard fork for the rollout of the Terra and Cosmos SDK and a TNS activation in Stagenet to integrate Monero and haven. Timeline details were included in a roadmap, with developers eyeing key changes over the next two weeks.
Buying Euphoria Visible on the chart
The cryptocurrency community was quick to take notes of such developments. Data from LunarCrush showed that ThorChain’s daily social volume and dominance stood at 200% and 255%, respectively. The numbers grow as more users mention an asset on the social media platform. The FOMO can sometimes lead to a buying frenzy as other users jump on the bandwagon.
High social scores are known to create local peaks on the chart. A quick technical analysis showed that RUNE’s value began to surge on 28 February amidst a broader market recovery. Gains peaked by nearly 40% in a single day on 1 March as ThorChain’s developments hit mainstream media. However, the price was currently challenging a major resistance zone between $5.8-$6.4. Since the daily RSI was also close to overbought levels, a brief correction could occur before the next wave upwards.