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- RUNE, the native currency of THORChain, has seen a surge in price and trading volume due to rising participation and engagement.
- NuggetRush (NUGX) is a new crypto project that supporters say will outperform RUNE and other top performers in the coming months, thanks to its blend of DeFi, NFT, and P2E gaming mechanics.
- NUGX has raised over $200,000 in its ongoing presale, and some analysts believe it will easily eclipse RUNE’s performance once it launches and is listed on various exchanges.
RUNE, the native currency of THORChain (RUNE), a popular decentralized exchange allowing users to swap tokens across different blockchains without an intermediary, is one of the top performers, looking at price charts.
As it is, RUNE is up nearly 100% from October 2023 lows and trending at new 2023 high when writing, turning out to be one of the top altcoins to watch. The surge is at the back of rapidly rising trading volume, pointing to participation and engagement as seen in social media platforms.
These factors could be primary drivers to $5, which supporters claim can be retested, especially if the current uptrend is maintained.
While the decentralized finance (DeFi) community is closely tracking RUNE, astute value investors are exploring NuggetRush (NUGX), a new crypto project on Ethereum whose supporters say will easily outperform RUNE and other top performers in the coming few months.Â
NUGX investors are looking at the platform’s blend of DeFi, non-fungible token (NFT), and play-to-earn (P2E) gaming mechanics as drivers to record highs. If this is true, will NUGX succeed in eclipsing RUNE this year? And what’s driving ThorChain’s momentum making it one of the best DeFi projects?
Summary
Why is ThorChain Rallying?
DeFi is a vast, multi-billion industry. However, it suffered massive losses last year when asset prices crashed, forcing activity to record lows. ThorChain’s total value locked (TVL) also took a hit but has been rising steadily, pushing RUNE prices even higher, looking at the development in the daily chart.
At press time, ThorChain TVL, per DeFiLlama, is at over $490 million, the highest in over 12 months, propped up further by rising activity in ThorSwap.
As it is, RUNE is changing hands at around the $3 mark in early November 2023, rallying nearly 100% from October lows. Notably, the leg up has been with rising momentum as bull bars align with the upper BB.
Interest in ThorChain is primarily due to the recent integration of the Streaming Swaps feature in September, which drove trading volumes to over $3 billion in October 2023–a record high. Through the Streaming Swaps tool, traders can break down a single swap into multiple sub-swaps that can be executed over time. The goal is to reduce slippage.
Although RUNE holders are bullish, analysts are also cautious, pointing to the higher volatility in the crypto market and the relative “newness” of ThorChain in the face of established competitors like Cosmos (ATOM) and Polkadot (DOT). At the same time, emerging, high-growth tokens like NUGX could offer better alternatives.
Will NUGX Flip RUNE In Q4 2023?
Whether NUGX will rally and even flip RUNE in the coming sessions depends on whether NuggetRush developers will execute what they have laid out in their whitepaper.
Overall, NuggetRush developers plan to release a play-to-earn (P2E) game, integrating non-fungible tokens (NFTs) and DeFi elements. This, the team hopes, will add utility to their meme coin, NUGX, which supporters bill to be a better, high-growth alternative to PepeCoin (PEPE) or Dogecoin (DOGE).
NuggetRush is being actively developed. In the ongoing presale, the project has raised over $200,000 from selling over 20 million NUGX at a price of $0.01 in a successful Stage 1 of the multi-phase crowdfunding effort; making it one of the best ICO in 2023.
Now in Stage 2 – NUGX tokens are selling for $0.012, showing how popular the token is right now!
NUGX value will be primarily driven by how its tokenomics is set out and its role in the expansive ecosystem. The ERC-20 coin is anchored on Ethereum but is deflationary. Technically, and looking at how ETH or BNB have performed over the years, NUGX might also find support.
At the same time, NUGX is used as a medium of exchange in the platform’s P2P NFT marketplace, where traders are free to exchange their in-game items as they wish. The same NFTs can also be staked with those locking up tokens receiving up to 20% APY.
Conclusion
Looking at what NuggetRush brings, some analysts believe NUGX will easily eclipse RUNE’s stellar performance in October once it launches and is listed on various exchanges. Top of the list, buoying their confidence, is NuggetRush’s offer to add value to meme coins and the quality of the team executing the vision.
Even so, NUGX is still in development, and though RUNE is priming an active ecosystem, where their prices will be in the coming months remains to be seen. Nonetheless, both projects can shape the growing DeFi ecosystem, playing critical roles.
Visit NuggetRush Presale Website
*This article was paid for Cryptonomist did not write the article or test the platform.
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