Plenty of #THORChads have their eyes trained to the price of $RUNE, THORChain’s native currency, as they wait to see whether the token will moon.
Many of the users are already eagerly swapping RUNE and other tokens on the platform, looking for the next great trade. What impact does all this trading have on the price of that native token?
The Flipside Crypto community of analysts has the answers. To get better insights on $RUNE price and the world of THORChain trading, we’re calling on a pair of the community’s top analysts — @thekakamora and @sem1d5.
The most popular times to trade on THORChain
Late October was generally a good time for trading in the THORChain ecosystem. As @thekakamora notes in this submission, trading volume peaked on November 1 at roughly 4:00 AM. Other notable spikes could be seen on October 27, 2021, at 8:00 AM and again on October 22.
So, when are #THORChads at their busiest? According to research from @thekakamora, traders generally seem to be the most active between 7 AM and 11 PM EST.
How THORChain Trading Impacts The Price of $RUNE
So how does all this trading and swapping impact the price of $RUNE? It’s a particularly important question in the wake of increased trading volume in late October and early November, followed by yet another disruption in THORChain later in November.
As @sem1d5 notes in this submission, in the days and weeks leading up to the May crash and the exploit of THORchain that followed, we can see that buyers actually outnumber sellers. Over time, however, we can see that these buyers are only purchasing small amounts of $RUNE, especially compared to sellers.
What’s more, as @sem1d5 points out “this trend of Rune prices dropping while rune buyers increasing carried on up until the exploit where we see significantly more sellers than buyers.”
So, what happened after the relaunch of THORChain? At first, there were far more $RUNE sellers than buyers, likely an indication of lost trust following the exploit. Prices quickly rallied, however, and buyers rushed into the market, outnumbering sellers.
Do more with THORChain data 🔍
Thanks to everyone who submitted such great data dashboards. Check out our open THORChain bounties here.Want to get more involved with the Flipside community and see your own submissions on our blog? Join us on Discord to get started.