Rune took another major shit today, currently down almost 40% in the last 24 hours.
From what was looking like a $2 floor now trading at $1.25.
Essentially what's happened here is that while Thorchain is trying to figure out how to pay their debt >> the rats are jumping ship. Many of the ride-or-die community members were just larping, and now they dump all their bags and frontrun the coming onslaught.
This has led to a couple dozen nodes signaling they want to leave the network. Thorchain nodes are secured with RUNE, so when the network "churns" 20M RUNE is about to be unlocked. This hasn't even happened yet... so the dumping we see now isn't even the "real dump", but rather just the frontrunning to the dump. If I'm being honest it looks like this 20M RUNE is already mostly trapped with everyone else, as it's unclear who's going to buy tokens that have entered full on meltdown mode.
For me personally this situation is not super upsetting other than the fact that I was guaranteed my "risk free" loan would not be messed with. So Thorchain owes me 0.25 Bitcoin and now after today the chance of getting it back has significantly decreased (or will almost certainly be massively delayed). Then again I saw this coming a mile away, knew the risks, and take full responsibility. This would be the first time I've ever gotten rugged in any real capacity, so maybe I deserve it. The hard lessons are sometimes worth learning.
https://x.com/thedesertlynx/status/1885705710161338595?s=46&t=f3qY2xxYIegwgxWlYwko8g
In their infinite Clown World wisdom, THORSwap, Thorchains biggest frontend, has frozen their service as a "precautionary measure". As if pausing a frontend is a good idea when a metric ton of shit has just hit the fan; this makes people more nervous and convinced that this is a systemic death sentence and everything will crash to zero.
Making a decision like this is highly suspect, and the only reason I would ever do something like this was to create more panic and short Rune to try and make my money back. If that was the plan then it's working great. I will not be surprised if multiple people get sued for the actions they've taken today. There's undeniable market manipulation occurring right now. To what extent is unclear.
Big names dumping all their Rune and claiming "I'll just buy back in lower".
Yeah, very cute.
So much RUNE is getting unlocked and everyone is frontrun selling.
I have to wonder how many of these clowns have said "diamond hands" before.
https://x.com/ax1vc/status/1885678571189923988
None of these solutions are very great.
In fact this one is like "let's just sell the network to Binance".
lol
Everyone is waiting for the dust to settle before making a move.
Maya community (Cacao token) froze the RUNE/CACAO LP to stop their own token from bleeding. LP providers can add or remove liquidity but nobody can trade. This prevents RUNE constantly dumping into CACAO which is very much a vampire attack at this point.
While it seems harsh... this is what MAYA has to do in order to continue moving forward. RUNE flew too close to the sun and MAYA will not let themselves be dragged underwater due to no fault of their own.
Thorchain continues the nuclear meltdown. There's absolutely no telling how low the token price of RUNE will go, but I'm fairly confident we will indeed catch the bottom somewhere. Whether that bottom happens to be $1.20 or $0.50 is another story entirely. Many of the users dumping today can still do so at a profit, so at a certain point that no longer becomes the case and everyone gets forced into diamond-hand mode.
This is a very upsetting event that some are trying to compare to LUNA, but in reality it's impossible to compare to stablecoin leverage because the leverage in question has already been frozen. All that's left to do now is wait and see how many paper-hands jump ship hoping to "buy back in cheaper" but as we all know 99% of the time when people do this they are actually just selling the bottom. Anyone who remembers the FTX collapse and $16k BTC can confirm this.
A lot of people out there will interpret this event as the beginning of the bear market (they already are with the LUNA comparison). Just a reminder that this is not how the four year cycle operates, and Bitcoin is still above $100k. Bitcoin doesn't care that this happened. Perhaps the toxic maximalists have created a shield that was needed all along. Or perhaps they'll be just as screwed wen MSTR stock tanks 95%. Until then keep stacking and remember: it is what it is.
