RUNE jumps 14% on Kujira partnership and Bitcoin’s climb above $61K

Decentralized cross-chain liquidity protocol THORChain saw a 14% price increase on the morning of August 14, making it one of the leading gainers in the cryptocurrency market.

With a daily trading volume of over $272 million, THORChain (RUNE) gained around 13.6% at press time, changing hands around $3.70. RUNE allows crypto users to exchange digital tokens between various blockchains, including Bitcoin.

RUNE 24-hour price chart — August 14 | Source: crypto.news

THORChain’s recent uptick in market performance is due in part to its new partnership with Kujira, which aims to increase liquidity across Kujira’s suite of decentralized finance applications. This collaboration aims to support growth and stability for both platforms.

A distinctive feature of their partnership is the community-driven token raise, which contrasts with traditional fundraising methods by allowing for broader community participation. The initiative is designed to manage existing financial obligations and synchronize the economic interests of both the Kujira and THORChain communities, ensuring stronger connectivity and resilience within their ecosystems.

The partnership also includes strategic and operational adjustments to alleviate similar financial problems in the future.

THORChain has also formed alliances with SwapKit and Noble to integrate stablecoins into the THORChain AppLayer. Noble will facilitate this integration by providing native USDC issuance and enhance the user experience by simplifying deposits into the AppLayer with one-click functionality.

These collaborative efforts are indicative of a broader trend in the defi space, where platforms are joining forces to improve liquidity, user engagement, and overall financial stability.

Additionally, Bitcoin’s (BTC) breakout of the $61,000 mark on Aug. 13 may have played a significant role in THORChain’s rise. The largest cryptocurrency, BTC, rose by over 3% with a trading volume of around $29.2 billion.

BTC’s market cap also rose by 3.14% to $930 billion by press time. This surge in Bitcoin’s metrics came a day after spot BTC exchange-traded funds experienced net positive flows that were five times greater than spot Ethereum ETFs.

Meanwhile, the global cryptocurrency market cap has also increased by 2.3% in the last 24 hours, reaching $2.14 trillion at the time of writing.