{"id":51526,"date":"2023-08-22T09:00:27","date_gmt":"2023-08-22T13:00:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/thorchain-is-going-to-zero-as-rune-price-drops-10-overnight-and-this-new-meme-coin-just-secured-275000-in-funding\/"},"modified":"2023-08-22T09:00:29","modified_gmt":"2023-08-22T13:00:29","slug":"thorchain-is-going-to-zero-as-rune-price-drops-10-overnight-and-this-new-meme-coin-just-secured-275000-in-funding","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51526","title":{"rendered":"THORChain is Going to Zero as RUNE Price Drops 10% Overnight and This New Meme Coin Just Secured $275,000 in Funding"},"content":{"rendered":"
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Leading DeFi bridge THORchain (RUNE) has entered major retracement following a sensational rally that swept markets – but with worried bag-holders asking whether THORchain is going to zero, lets dig into RUNE price analysis and find out what’s going on.<\/p>\n

The retracement move comes amid jaw-dropping performance by native RUNE token over the past two months, which has seen an impressive +154% rally since June 14.<\/p>\n

Better yet? The pump comes amid a favorable time in THORchain tokenomics, with large swathes of supply currently in circulation and the slow onset of deflationary dynamics afoot.<\/p>\n

This is because THORChain uses native RUNE token as over-collateralization for each of its liquidity pools, meaning that the bigger its pools become, the more RUNE has to be locked up – reducing supply and inducing upside moves.<\/p>\n

RUNE Price Analysis: Is THORchain Going to Zero?<\/strong><\/h2>\n

Amid the -16% retracement move, THORchain is still trading high in the channel, at market price of $1.67 (a 24-hour change of -3.01%).<\/p>\n

Retracement was triggered by rejection from a ceiling of resistance around $2.00, which stopped the RUNE moon-shot in its tracks at $2.01 on August 19.<\/p>\n

The impressive local high came after RUNE fired-up off strong footing from the 20DMA on August 8.<\/p>\n

Despite the downside price action, moving averages provide a lot of reasons to be cheerful, with the ascendant 20DMA rising up to overtake the 200DMA in a so-called ‘Golden Cross’ pattern – which indicates the onset of a long-term bull market trend.<\/p>\n

With moving averages showing no signs of slowing down following the seismic price action, attention shifts to the retracement move which appears remarkably well-defended around $1.70 (a price level which provided a significant degree of historical support in April 2023).<\/p>\n

However, THORchain’s RSI indicator remains casting a shadow over price action, with the key indicator still displaying a substantial overbought signal at 75.<\/p>\n

The MACD provides contrast, still showcasing bullish divergence at 0.0463 in the aftermath of the rejection.<\/p>\n

With technical structure looking well-defended and strong in light of the golden cross, it seems likely RUNE will continue to rally as soon as the RSI is relieved.<\/p>\n

To the upside, RUNE is still targeting the local high at $2.01 (a possible +20.5% move).<\/p>\n

While to the downside, risk reflects the possibility of a drop to a lower support level at $1.5 (a potential -10% tumble).<\/p>\n

This leaves RUNE with a strong risk: reward ratio at 2.04 – suggesting a positive outlook for THORchain on the short-time frame.<\/p>\n

However, while THORchain remains in retracement, smart money have begun rotating capital into a lucrative meme coin play targeting $100m market cap.<\/p>\n

Sonik Coin Skyrockets Towards 100M Market Cap Target as $300,000 Raised<\/strong><\/h2>\n

Sonik Coin ($SONIK)<\/strong>, which is not only making waves in crypto markets, but also racing – with the audacious goal of being the fastest token to hit the $100 million market cap.\u00a0<\/p>\n

And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$250,000 raised in less than a week.<\/p>\n

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But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY – let’s dig down into this further.<\/p>\n

Sonik Presale ‘Gotta Go Fast’ as Project Accelerates Towards Top-Tier APY<\/strong><\/h2>\n

\u00a0An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.\u00a0<\/p>\n

With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.\u00a0<\/p>\n

This decentralized exchange is a powerhouse, and $SONIK’s presence there will undoubtedly amplify its visibility manifold.<\/p>\n

But Sonik Coin is more than just another meme coin, the staking APY<\/strong> of an astounding 4,300%<\/strong> speaks volumes about its potential returns.\u00a0<\/p>\n

Staking not only adds an avenue for passive income, but its inclusion also showcases the team’s commitment to longevity and stability.\u00a0<\/p>\n

The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.<\/p>\n

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Now, let\u2019s talk about $PEPE, Pepecoin’s astronomic growth\u2014delivering jaw-dropping returns of over 10,000% to early backers\u2014 has set a precedent.\u00a0<\/p>\n

Given $SONIK\u2019s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it’s poised for a similar, if not more impressive, trajectory.<\/p>\n

The transparent, community-centric vision of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.\u00a0<\/p>\n

Check out the Sonik Telegram<\/strong> and Twitter <\/strong><\/a>here.<\/p>\n

If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.<\/p>\n

Buy Sonik Here<\/strong><\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n