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Thorchain’s RUNE Price soars after Multicoin’s Investment

Thorchain's RUNE Price soars after Multicoin's Investment

Various investors in the crypto space concentrates on cryptocurrencies with good returns involving Bitcoin, Ethereum, Binance coin, and Polkadot. However, other digital tokens, including Thorchain’s RUNE, have also attracted backing from crypto investment firms and are outperforming the market. 

Thorchain’s native token RUNE grew 30% in the last 24 hours after crypto venture firm Multicoin Capital unveiled that it has acquired a prominent position in the asset. RUNE was selling at approximately $3.90 on Feb. 23 before Multicoin published their investment, which surged prices rising to new all-time highs at $5.61.

Furthermore, Thorchain’s token was not affected by the Feb. 22 crash that witnessed Bitcoin and altcoins dip significantly, with RUNE up 34% in the past seven days. This declaration comes after a strong year for RUNE, with the price up about 62,000% after it launched 18 months ago. The rally has driven RUNE up the market cap rankings to the position as the 60th-largest crypto asset, with a total capitalization of $1.24 billion. Thorchain commenced in 2018 and is a decentralized cross-chain AMM exchange, enabling users to trade spot tokens over blockchains. 

Multicoin shares the potential of Thorchain

Besides the announcement, Multicoin issued a research report in which they highlighted the potential of Thorchain. According to the report, the investment firm is enthusiastic about trading tokens within distinct blockchains as a crucial opportunity for traders. Additionally, Multicoin is a crypto investment firm established in 2017 that funds blockchain companies, cryptocurrencies, and tokens. The firm funded the decentralized music sharing service Audius in October 2020. Moreover, it recently invested in Manta Network at the commencement of February.

Significantly, today’s world is full of investment moves by crypto asset management firms and hedge funds. Ventures into a cryptocurrency that is neither Bitcoin nor any of the top altcoins is exceptionally uncommon for an investment firm. While the Thorchain (RUNE) support may appear shocking to many, it is evidence that space is evolving. Investors are not just driven by the price performances of today but by the value offerings and prospects.

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