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DeFi project THORChain (RUNE) recently saw a major price surge that took it up by 35%. The surge came soon after the project was listed on SushiSwap, taking RUNE to its brand new all-time high (ATH).
THORChain sees a 35% price increase
The DeFi sector continues to grow in 2021, with new projects emerging every other day, while existing ones continue to see major advancements. THORChain, for example, just saw a sudden burst of popularity after being listed on SushiSwap, which allowed it to go to $2.30.
The coin has seen a correction since the price surge, currently trading at around $1.77, although its exact price varies from one exchange to another.
On a monthly basis, however, THORChain is up by over 75%, making the turn of the year a very successful time for the RUNE token.
RUNE surges despite ETH price drop
As some may know, THORChain is a cross-chain liquidity protocol, which basically means that it wants to enable crypto traders to easily switch cryptos across different chains. Its listing on SushiSwap is expected to help create the road into Ethereum’s DeFi sector, which is currently still the largest and most developed.
As a result, the project will also be able to build a stronger community, secure better liquidity, and more. Furthermore, the project noted on Twitter that RUNE now has several trading pairs, including the ones against Ethereum (ETH), Tether (USDT), and SushiSwap (SUSHI), itself.
THORChain lists ETH.RUNE on @SushiSwap 🍣 to make inroads into the Ethereum Defi community. Initial pairs:
* RUNE:ETH
* RUNE:USDT
* RUNE:SUSHI
ETH.RUNE is a transitionary asset to grow liquidity ahead of the launch of THOR.RUNE and the Ethereum Bifröst. pic.twitter.com/VTv0fA1nTJ— THORChain ⚡️(ᚱ) (@thorchain_org) January 13, 2021
With DeFi mostly being based on Ethereum, it comes as a pleasant surprise that DeFi tokens are still capable of seeing strong surges, despite the fact that Ethereum has seen a correction from its recent high. The coin did see an 8% price recovery in the last 24 hours, but it is still 2% down on a weekly basis.
The coin approached its own ATH on January 10th, when it hit $1,347. However, it was rejected by a resistance that forced it down, alongside Bitcoin and the majority of the crypto industry.