Blog 5 – November 2023 – Buys RUNE

THORChain (RUNE)

THORChain is a decentralised layer1 liquidity protocol, that allows users to swap, earn & borrow against Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash & Litecoin.

Below is one of the more thorough explanations and a video I found helpful:

In terms of my specific criteria, THORChain generates a revenue, has a token with genuine utility, is showing continued growth in adoption, and provides a narrative many in the cypto community can get behind. A look at their most recent weekly stats:

To facilitate the transaction I used Binance. Details of the purchase:

Frustratingly, I have been watching RUNE since the beginning of the year. I held off buying in the middle of the year when it went sideways at the $1 mark, and had it marked as one of the first additions to the portfolio. Come October and when I am finally in a position, I hold off as its already at $2.50 which is a significant jump from the $1.50 it had been trading the week earlier. I effectively waited for a pullback on something that was in full positive momentum, and in doing so missed out on a 2x. I think that is a good lesson for the market in general. Sometimes its better to jump on board the momentum rather than changing thesis and trying to find something else, potentially missing out altogether.

It leads me onto another thesis i have read recently, which is that a clear way forward is to avoid any tokens that were around in the previous bull run. No former bagholders waiting to dump on you when they reach their earlier purchase price. No cap / or limit on previous peak price. Price discovery can happen naturally with new highs being set in the next bull run. This goes completely against things like BTC or ETH, and perhaps is only relevant for altcoins that are new to the market.

In any case, I hope we soon see RUNE break previous all time highs, and continue to ride its wave of positive momentum. We shall see.


Disclaimer

It goes without saying nothing on this site or anything associated with Happy Crypto Wanderer is or should be taken as financial advice. This site tracks the hopeful journey of one everyday punter just trying to live out a dream. Come back here every month so you can track the journey. Any and all feedback is much appreciated. If you feel so strongly that you’d like me to stop at any time, a large enough donation to this wallet so I can reach my goal could make all this disappear.

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