If I had to point to one cryptocurrency that has taken an absolute beating as of late, I would easily say that it was RUNE.
In the last month, we've seen it shed approximately half of it's value in USD, going from roughly $12 to a little over $6 at this point.
At a wider scale, Rune has experienced some crazy ups and downs throughout the last year as well. Not only did it go through the ups and downs of the market at large, but the protocol also suffered a hack and some security issues that sent prices up and down rapidly as good and bad news took turns as time went on.
Rune has seen prices of almost $20 a token in the last year, as well as prices as low as $3.50 a token.
A lot of times when I make a post, I am apt to talk about the USD value of a token or the valuation of a protocol. I have been reminded time and time again that this is not a point to focus on when looking at the long-term future of something. With RUNE specifically, the goal of uniting all blockchains under one decentralized system seems to be the most important goal in all of cryptocurrency in my view. There will be setbacks along the way and the dollar value may not look so enticing at the current moment, but the concept of what is going to be accomplished is revolutionary and world-changing.
If we only believe in things that bring along an enticing dollar valuation, we can be easily manipulated into thinking that one technology is not only more valuable, but more impactful on society than another.
If the THORchain team is successful in developing this protocol and continues to link in every blockchain that they can, RUNE will serve as the glue that holds together an entirely new generation of finance and financial systems.
One of the biggest issues that I see in cryptocurrency is the lack of places where you can easily swap assets between exchanges. Imagine how much of a standstill the world would find itself in if USD could not be instantly exchanged for EURO? The ability to swap currency is vital to the functioning of our world and the economies that power it every day. The same goes for cryptocurrency as more businesses would be apt to use it if they were assured that they could easily swap currencies in order to accomplish their goals.
When I buy into assets, I like to believe in what they stand for and what they are trying to accomplish. Despite a slew of setbacks, RUNE is still here and they are still building something that I truly believe in.
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Who I am:
My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience