{"id":6395,"date":"2021-02-24T06:18:52","date_gmt":"2021-02-24T06:18:52","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/rune-soars-after-multichain-capital-reveals-large-position"},"modified":"2021-02-24T06:18:52","modified_gmt":"2021-02-24T06:18:52","slug":"rune-soars-after-multichain-capital-reveals-large-position","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/rune-soars-after-multichain-capital-reveals-large-position\/","title":{"rendered":"RUNE soars after Multichain capital reveals large position"},"content":{"rendered":"

Thorchain\u2019s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital<\/a> revealed that it has accumulated a large position in the asset. <\/p>\n

RUNE was trading at roughly $3.90 on Feb. 23 before Multicoin announced their investment, which sent prices soaring to new all-time highs at $5.61.<\/p>\n

RUNE\/USD: CoinGecko<\/a><\/em><\/figcaption><\/figure>\n

THORChain\u2019s token was largely unaffected by the Feb. 22 crash that saw BTC and many altcoins dip significantly, with RUNE up 34% in the past seven days. This announcement comes off the back of a strong year for RUNE, with the price up almost 62,000% since it launched 18 months ago. <\/p>\n

The rally has pushed RUNE up the market cap rankings to now rank as the 60th-largest crypto asset, with a total capitalization of $1.24 billion. <\/p>\n

THORChain started in 2018 and is a decentralized cross-chain automated market maker (AMM) exchange allowing users to trade spot tokens across blockchains. <\/p>\n

Alongside the announcement<\/a>, Multicoin shared a research report<\/a> in which they outlined the potential of THORChain. The report revealed that the investment firm is excited about the ability to trading tokens between different blockchains as a key opportunity for traders:<\/p>\n

\u201cTrading is one of the primary use cases for crypto. However, trading across chains requires users to trust centralized exchanges and use two wallets […] This process is clunky. Swapping PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare.\u201d<\/p><\/blockquote>\n

Multicoin<\/a> is a crypto investment firm founded in 2017, that invests in blockchain companies, cryptocurrencies, and tokens. The firm invested in decentralized music sharing service Audius<\/a> in October 2020, and recently invested in Manta Network<\/a> at the start of February. <\/p>\n

Source: COINTELEGRAPH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thorchain\u2019s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital revealed that it has accumulated a large position in the asset. RUNE was trading at roughly $3.90 on Feb. 23 before Multicoin announced their investment, which sent prices soaring to new all-time highs at $5.61. RUNE\/USD: CoinGecko THORChain\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":6396,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[575,574,374],"class_list":["post-6395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-multicoin-capital","tag-rune","tag-thorchain"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6395"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=6395"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/6396"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=6395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=6395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=6395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}