Thorchain, one of the leading projects in the DeFi world, has completed its Metamask integration. The hot move is helping the RUNE price rise. The altcoin has also seen a huge increase in investor confidence with new developments.
Metamask adds Thorchain support
Metamask now offers its 30 million users the opportunity to conduct self-custodial transactions via Thorchain. This development means that the altcoin project can reach much more users.
Thorchain works to solve the difficulty of cross-chain transactions in DeFi. Cross-chain transactions are easy on centralized exchanges. However, there are very few projects in this space in the segment, as most decentralized protocols are generally limited in their ability to communicate with multiple blockchains.
You probably missed it, but MetaMask added @THORChain support (through a @ShapeShift "snap" add-on).
This means that tens of millions can now easily trade crypto using a decentralized protocol instead of a centralized exchange.
This is huge news, but few are paying attention! pic.twitter.com/TgFLD16V3g
— Joel Valenzuela (@TheDesertLynx) September 15, 2023
RUNE price skyrockets, but altcoin bulls may change direction
RUNE started to become a favorite of investors with the news of Metamask integration. The altcoin increased by 13% in the last 24 hours, reaching $1.82. Thus, it is up 26% from its weekly low. However, investors should be wary that selling pressure may increase as we approach the overbought zone.
Moreover, a little more bullishness would place RUNE within the resistance range where it recorded selling pressure during the August rally. When it comes to on-chain data, there is a significant increase in investor confidence, judging by the weighted sentiment increase. The altcoin is currently making progress on most metrics with its new buyers.
The weighted sentiment metric was at its highest level in seven days at press time. The same goes for the volume metric, which reveals that volume has been increasing over the past few days. Of course, it also helps that overall altcoin market conditions are improving in favor of the bulls.
Metamask news is making an impact
Thorchain and Metamask collaboration has brought the protocol one step closer to realizing its full potential. This means a rising demand for the altcoin. This recent positive development further strengthens RUNE’s ongoing rally since June. It is likely that there will be more demand, especially through Metamask. This creates new opportunities for investors and causes a further increase in the value of RUNE.
What is Thorchain?
THORChain functions as a network for cryptocurrencies to transfer value between them. Thanks to this network, users can quickly and securely exchange between various altcoins/tokens. The system allows users to exchange their cryptocurrencies directly between each other. Thus, it aims to create a decentralized financial ecosystem. cryptokoin.comWe have included what you need to know about Thorchain in this article.
