{"id":340977,"date":"2023-09-05T19:00:33","date_gmt":"2023-09-05T13:30:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=340977"},"modified":"2023-09-05T15:59:16","modified_gmt":"2023-09-05T10:29:16","slug":"thorchains-monthly-volume-surpasses-1-billion","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/thorchains-monthly-volume-surpasses-1-billion\/","title":{"rendered":"THORChain&#8217;s monthly volume surpasses $1 billion"},"content":{"rendered":"<ul>\n<li><em>THORChain&#8217;s monthly volume in August rallied above $1 billion.<\/em><\/li>\n<li><em>Following a significant uptick in RUNE&#8217;s value, profit-taking activity commenced, putting downward pressure on prices.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Decentralized liquidity network THORChain [RUNE] closed August with its highest monthly volume in the last year, exceeding $1 billion.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Monthly volume growth on <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\">@THORChain<\/a>: A Dynamic Uptrend<\/p>\n<p>\ud83d\udd39In August, <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\">@THORChain<\/a> witnessed a remarkable surge in its monthly volume, surpassing 1 billion USD!<br \/>\ud83d\udd38A key driver behind this growth was the implementation of streaming swaps &#8211; increased strategic options for the user. <a href=\"https:\/\/t.co\/LIuoDMUaBx\">pic.twitter.com\/LIuoDMUaBx<\/a><\/p>\n<p>&mdash; House of Chimera (@HouseofChimera) <a href=\"https:\/\/twitter.com\/HouseofChimera\/status\/1698002736363515938?ref_src=twsrc%5Etfw\">September 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">RUNE&#8217;s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The surge in volume was attributed to the <\/span><a href=\"http:\/\/ambcrypto.com\/this-is-how-rune-reacted-to-thorchains-latest-launch\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">launch<\/span><\/a><span style=\"font-weight: 400;\"> of <\/span><a href=\"https:\/\/thorswap.medium.com\/introducing-streaming-swaps-a-defi-game-changer-ba02afd148e3\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Streaming Swaps<\/span><\/a><span style=\"font-weight: 400;\">, a new feature that lets the protocol\u2019s users break down a single swap into multiple sub-swaps executed over time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was launched primarily to help reduce price slippage, which is the difference between the expected price of a trade and the actual price at which it is executed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to Streaming Swaps, THORChain also expanded to some major networks in August, including Cosmos [ATOM] and Avalanche [AVAX]. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, during the month, the protocol announced the launch of its lending protocol, which lets users lend native Layer 1, such as Bitcoin [BTC] and Ethereum [ETH], to THORChain, and borrow a USD-denominated debt.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Lending is live. <\/p>\n<p>Params, Disclosure, Risks, How-to Thread<\/p>\n<p>\ud83e\uddf5<\/p>\n<p>&mdash; THORChain (@THORChain) <a href=\"https:\/\/twitter.com\/THORChain\/status\/1693423215580958884?ref_src=twsrc%5Etfw\">August 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><b>Tides are turning against RUNE<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While the rest of the market trended downward and sideways in August, RUNE recorded gains due to its low positive correlation with BTC. Within the 31-day period, the token\u2019s value rallied by 66%, according to data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/thorchain\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the token\u2019s price peaked at $1.7 on 22 August when profit-taking activity began. Exchanging hands at $1.4 as of this writing, RUNE\u2019s price has since declined by 17%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Readings from RUNE\u2019s Moving average convergence\/divergence (MACD) indicator observed on a daily chart revealed that the token\u2019s sellers initiated a new bear cycle on 22 August. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The MACD line crossed below the trend line, and the indicator has since been marked by downward-facing red histogram bars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, the re-emergence of RUNE bears resulted in a decline in the token\u2019s momentum indicators. For example, its Money Flow Indicator (MFI) has since fallen below its center line, to be pegged at 34.06 at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, in a downtrend, RUNE\u2019s Relative Strength Index (RSI) was 51.61, gearing to slip below the 50-neutral line. The decline in these key momentum indicators signaled a reduction in the token&#8217;s accumulation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It showed that investors who had aped in while the token rallied in August have begun to let go of their holdings for profit.<\/span><\/p>\n<figure id=\"attachment_340993\" aria-describedby=\"caption-attachment-340993\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38.png\"><img decoding=\"async\" class=\"size-full wp-image-340993\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38.png\" alt=\"\" width=\"2308\" height=\"1174\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38-768x391.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38-1536x781.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/RUNEUSDT_2023-09-05_07-25-38-2048x1042.png 2048w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-340993\" class=\"wp-caption-text\">Source: RUNE\/USDT on TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 RUNEs worth today?<\/p>\n<hr \/>\n<h4><b>Short traders in ruins<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While RUNE\u2019s price climbed in August, funding rates across cryptocurrency exchanges in the alt\u2019s futures market were negative. This showed that in spite of THORChain\u2019s multiple feature updates and price growth during the month, many continued to bet against its price.<\/span><\/p>\n<figure id=\"attachment_340986\" aria-describedby=\"caption-attachment-340986\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27.png\"><img decoding=\"async\" class=\"size-full wp-image-340986\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27.png\" alt=\"\" width=\"2560\" height=\"728\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27-300x85.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27-1024x291.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27-768x218.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27-1536x437.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.17.27-2048x582.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-340986\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, as RUNE\u2019s price surged, these short positions faced liquidations.\u00a0<\/span><\/p>\n<figure id=\"attachment_340985\" aria-describedby=\"caption-attachment-340985\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40.png\"><img decoding=\"async\" class=\"size-full wp-image-340985\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40.png\" alt=\"\" width=\"2560\" height=\"728\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40-300x85.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40-1024x291.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40-768x218.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40-1536x437.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-05-at-07.16.40-2048x582.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-340985\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>THORChain recorded a monthly transaction of over $1 billion in August, marking the protocol&#8217;s highest volume in the last year.<\/p>\n","protected":false},"author":64,"featured_media":341042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-340977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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