RUNE Emerges as Leading Performer Amid Binance Withdrawal Pause

RUNE Emerges as Leading Performer Amid Binance Withdrawal Pause

RUNE’s Impressive Performance

RUNE’s value has surged by 7.6% over the past 24 hours, currently trading at $1.61. This notable rise is accompanied by a substantial increase in its 24-hour trading volume, which now stands at $50 million.

  • RUNE’s price: $1.61 (at the time of writing)
  • 24-hour gain: 7.6%
  • 24-hour trading volume: $50 million
  • Market cap: $546 million (ranked 61st in the crypto market)

Binance’s Withdrawal Suspension

Despite its impressive performance, Binance, the world’s largest crypto exchange by trading volume, has temporarily suspended withdrawals of RUNE on its BNB Beacon Chain (BEP2). The exchange cited high wallet congestion as the reason behind this suspension.

Fortunately, withdrawals of RUNE on THORChain and deposits of the asset on both networks remain fully operational, according to data from Binance.

Changing Sentiment

Market sentiment around THORChain and RUNE has been undergoing significant changes. Data from the market intelligence platform Santiment reveals a notable decline in positive sentiment toward THORChain over the past week.

Specifically, RUNE’s optimistic sentiment has dropped by approximately 95% since September 2nd. Despite THORChain’s impressive 72% gains over the past 30 days, its social volume has been consistently declining, with only a few minor increases since August 15th, as reported by Santiment.

Furthermore, RUNE’s social volume has experienced a substantial 90% drop over the past week, reflecting changing perceptions in the crypto community.

Network Issues and Past Suspensions

It’s worth noting that this is not the first time THORChain has encountered network issues. In late March, the decentralized liquidity protocol temporarily halted its operations due to a security flaw in the network. This suspension, implemented on March 28th, was a precautionary measure to safeguard against potential threats.