Rocket Pool and Thorchain are among the top crypto losers in the last 24 hours, according to CoinGecko . Both tokens have experienced a double-digit percentage drop in their prices, as the crypto market continues to face volatility and uncertainty.
Rocket Pool (RPL) is a decentralized protocol that allows users to stake Ethereum 2.0 without running their own nodes or having 32 ETH. RPL is the governance token of the protocol, which also acts as a collateral for node operators and a reward for liquidity providers. RPL has a market cap of $853,548,884 and a circulating supply of 19,474,470 tokens. As of June 12, 2023, RPL is trading at $43.83, down 7.2% in the last 24 hours and 11.2% in the last week. RPL reached its all-time high of $61.90 on April 16, 2023.
Thorchain (RUNE) is a decentralized liquidity network that enables cross-chain swaps of any asset in a non-custodial manner. RUNE is the native token of the network, which serves as a settlement asset, a security measure, and an incentive mechanism. RUNE has a market cap of $285,356,605 and a circulating supply of 300 million tokens. As of June 12, 2023, RUNE is trading at $0.948985, down 11.7% in the last 24 hours and 18.5% in the last week. RUNE reached its all-time high of $21.06 on February 14, 2021.
The reasons behind the decline of RPL and RUNE are not clear, but some possible factors include:
– The overall bearish sentiment in the crypto market, which has been affected by regulatory uncertainty, environmental concerns, hacking incidents, and technical issues.
– The competition from other projects that offer similar or better solutions for staking and swapping assets across different blockchains.
– The lack of adoption and awareness among potential users and investors, who may not fully understand the benefits and risks of using these protocols.
Despite the recent slump, RPL and RUNE still have strong fundamentals and innovative features that could attract more demand and value in the future. Some of these features include:
– The ability to stake ETH 2.0 with any amount and earn rewards without locking up funds or running nodes (for RPL).
– The ability to swap any asset across any chain without intermediaries or wrapping (for RUNE).
– The governance and security model that aligns the incentives of all participants and ensures network resilience (for both RPL and RUNE).
Therefore, RPL and RUNE may be considered as long-term investments for those who believe in the potential of decentralized staking and swapping protocols. However, as with any crypto investment, investors should do their own research and be prepared for high volatility and risk.
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