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THORchain has experienced a weekly pump of 20%, despite losing almost 10% of its value in the last 24 hours, showing that people are still willing to try it. Is it a new crypto to bring DeFi revolution?
THORchain Dips By 10% in Last 24 Hours
In the last 24 hours, THORchain has dropped in value by 10%.
However, it still doesn’t bypass the fact that it has made gains of more than 20% over the past week. At 8:01 am EST, THORchain (RUNE) was valued at $1.64, with its market capitalization dropping by 10% to $559 million and its 24-hour trading volume decreasing by 25% to $134 million.
THORchain Lending Goes Live
Even though it has experienced a double-digit weekly increase, the DeFi crypto’s overall performance has still been volatile. It is likely that Bitcoin’s failure to stay above its $26k support recently has contributed to this downturn.
However, this drawback hasn’t deterred THORchain, as this DeFi ecosystem has just set its lending utility live.
THORchain posted a related article on Medium explaining the intricacies of Lending.
With lending, users can lend their native layer one asset, such as Bitcoin and Ethereum, to THORchain and receive a dominant debt with three qualities: no liquidations, no interest, and no expiration.
With this utility, loans will be issued with a collateralization ratio which determines the portion of a debit that a borrower will receive according to their collateral. The collateralization ratio can range from 200% to 500%, depending on market conditions.
These loans have a minimum return period of 30 days, and for now, this utility will only support Ethereum and Bitcoin. However, THORchain intends to open lending for all Layer 1 gas assets, including ATOM, LTC, BNB, BCH, AVAX, and DOGE.
Soon after the lending announcement, crypto user Chad Barraford tweeted the first loan in THORChain’s history.
THORchain Price Analysis
Daily price charts show that RUNE has risen by 73% since August 5th. Multiple green candles have formed, with only a few reds at the end that seem to have deterred its growth by a small degree.
THORchain’s hourly chart, however, shows a different story. There have been multiple consecutive red candles since August 20.
However, RUNE’s last two candles have been green, indicating a returning interest.
From a technical perspective, the token’s RSI is 39 at the time of writing, and its MACD is negative. While these indicate bearish sentiments, the graph shows that both RSI and MACD trendlines are moving up, which could indicate that people are returning to RUNE.
THORchain Alternative – Chimpzee
While THORchain’s performance has made the crowd think that DeFi crypto is returning, its performance is still volatile, making it more optimal for investors to pick an asset that is still not live on the price charts.
A significant asset to consider right now is Chimpzee. One of the greenest cryptocurrencies of 2023, Chimpzee has introduced multiple utilities to incentivize them to take measures related to environmental protection.
These utilities include Shop to Earn, Trade to Earn, and Play to Earn. These earning mechanics use different aspects of Chimpzee’s ecosystem that involve NFTs, Chimpzee merchandise, and a P2E game known as the “Zero Tolerance Game.”
This presale asset has raised over $1.2 million during the presale and is currently available at a discount price of $0.00095. The countdown of the current stage’s ending has begun. Those interested must go to chimpzee.io to invest in CHMPZ before the token’s price increases to $0.001.
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