Veteran Crypto Observer | $RUNE : Nearly 15% rebound after the shutdown—is this a chance to buy the dip?
THORChain recently experienced a multi-chain trading halt. On October 31, an Ethereum block reorganization caused a problem with THORChain’s refund logic: a 10 ETH deposit was refunded twice, triggering automated risk controls and pausing several cross-chain trading routes.
On November 4, following the v3.21.1 update, most cross-chain trading resumed, and RUNE rebounded.
Market snapshot: Price around $0.63, up about 13% over 24 hours; 7-day performance remains close to flat
Market cap around $207 million, 24-hour trading volume around $191 million, TVL around $62.37 million
This rebound has a clear catalyst, but I don’t think it can be taken as a fundamental reversal.
There are three reasons:
First, resumption doesn’t mean a full recovery.
Networks such as $ATOM , BSC, and $SOL are still paused, and some nodes have yet to complete the upgrade.
Second, the quality of THORChain’s trading volume needs to be assessed.
Cross-chain trading volume in Q3 was around $3.82 billion, but some of that activity was affected by hacker fund flows. Abnormally large fund movements can’t be counted as healthy user growth.
Third, RUNE’s value-capture mechanism has changed.
Protocol-owned liquidity receives 20% of system revenue, while the share of RUNE directly burned has fallen from 5% to 1%.
THORChain recently experienced a multi-chain trading halt. On October 31, an Ethereum block reorganization caused a problem with THORChain’s refund logic: a 10 ETH deposit was refunded twice, triggering automated risk controls and pausing several cross-chain trading routes.
On November 4, following the v3.21.1 update, most cross-chain trading resumed, and RUNE rebounded.
Market snapshot: Price around $0.63, up about 13% over 24 hours; 7-day performance remains close to flat
Market cap around $207 million, 24-hour trading volume around $191 million, TVL around $62.37 million
This rebound has a clear catalyst, but I don’t think it can be taken as a fundamental reversal.
There are three reasons:
First, resumption doesn’t mean a full recovery.
Networks such as $ATOM , BSC, and $SOL are still paused, and some nodes have yet to complete the upgrade.
Second, the quality of THORChain’s trading volume needs to be assessed.
Cross-chain trading volume in Q3 was around $3.82 billion, but some of that activity was affected by hacker fund flows. Abnormally large fund movements can’t be counted as healthy user growth.
Third, RUNE’s value-capture mechanism has changed.
Protocol-owned liquidity receives 20% of system revenue, while the share of RUNE directly burned has fallen from 5% to 1%.
