Prediction: Is ThorChain (THOR) a good investment in July 2021?

THORChain RUNE/USD is the decentralized liquidity protocol that allows users to exchange crypto assets across a range of networks without losing custody of the assets throughout the process. The protocol has been gaining a lot of traction in recent days but does this mean you should buy ThorChain now? 

THORChain and its various offerings

THORSwap, the multichain DEX that runs on the THORChain network, on June 28, launched THORChain Synthetics on the testnet. 

The team mentioned that users are able to mint, redeem as well as swap regular tokens for synthetic assets, and transfer Synths to THORChain wallets. 

The team also hinted that users will be able to transfer their synthetics assets to THORChain-based wallets as well as earn interest on their holdings throughout the near future. 

This should drive up the value of the interest in the RUNE token, which will lead to an increase in demand as well as an increase in value as a result of this launch.

On July 4, The RUNE token was whitelisted by Bancor DAO. This meant that RUNE KLPs on Bancor, from that point onward, can provide single-sided liquidity using only RUNE with protection from impermanent loss and earnings in the form of swap fees in RUNE.

On July 5, THORChain became available on the Coin98 wallet, where users became able to transfer as well as store the RUNE token safely on both the Extension as well as the Mobile App. 

This would in turn open a higher level of opportunity for a bigger user-base to actually consider trading the RUNE token due to its more varied storage options, which will drive up the demand.

Should you buy ThorChain (RUNE) now?

On June 5, ThorChain (RUNE) was valued just above $6.

If we look at June, we can see that one of its highest points occurred on June 7, where the RUNE token got up to $11, while one of its lowest points was on June 22, where its value was at $4.72. 

This gives us some perspective as to how high, or how low we can realistically expect the price to go. 

As of recently, it has been steadily circling around the $6 mark, however, it has huge potential for growth given its recent changes. 

On July 5, THORChain had $132 million in active security from 34 active nodes, as well as a further $49 million on standby from 13 more nodes. 

With the launch of THORChain Synthetics on the tesnet, as well as the RUNE token being whitelisted on Bancor DAO, alongside its availability on the Coin 98 wallet, we can expect a much higher demand for the RUNE token.

With this heightened demand, the value rises alongside it, and as such, we can realistically expect the value to go up to the $7 mark by the end of July. 

Furthermore, the more the project grows, and the more functionality it ends up getting, it has the potential to get to the $11 mark again by the end of 2021.

This makes THORChain a worthwhile investment for both short-term as well as long-term ROI.

The post Prediction: Is ThorChain (THOR) a good investment in July 2021? appeared first on Invezz.

Publication date: 
07/05/2021 - 15:07
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