The native token of THORChain, RUNE, has experienced a surge in price, climbing 19.7% to reach $1.65, accompanied by a 29.6% increase in trading volume to $1.268 billion. This comes despite reports of illicit activity involving a hacker using THORChain’s infrastructure to bridge over 70,000 ETH into Bitcoin through the Bybit exchange. THORChain's ability to enable anonymous cross-chain swaps has fueled its appeal, leading to the recent uptick in trading volume. The surge in price coincides with a broader increase in THORChain’s network usage, with a record of 1.2 million transactions on February 25. The total value locked in the protocol is $134.78 million, indicating its utility in facilitating seamless asset exchanges. The recent exploit has raised questions about the platform's vulnerability and dual-edged nature. However, the price of RUNE has continued to rise, defying gravity and gaining nearly 20% in the subsequent 24 hours, potentially due to the market's focus on THORChain's underlying value proposition. Traders are capitalizing on the heightened volatility, with the RUNE/BTC pair experiencing a surge. However, the sustainability of this momentum remains uncertain, particularly in light of regulatory and ethical debates surrounding cross-chain platforms.



Other News from Today