While many investors in the cryptospace focus a great deal on the high flyer cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Polkadot (DOT) amongst others, other digital tokens including THORChain (RUNE) are also getting backing from crypto investment firms and are outperforming the market as a result.
In the latest spate of its cryptocurrency bets, Multicoin Capital, an emerging investor in the space has announced the acquisition of a large position in RUNE tokens, a significant milestone for the token seen in the cryptospace as highly undervalued.
“I’m excited to announce that Multicoin has accumulated a large position in $RUNE and share our research report on THORChain. THORChain provides a trust-minimized way to trade spot tokens (not just derivatives) across blockchains,” said Tushar Jain, Multicoin Capital’s Manager Partner, We believe the number of chains with exciting projects built on them will only continue to grow for the next several years. We believe THORChain’s RUNE token is the best way to invest in the growing diversity of the crypto ecosystem.”
The bet by Multicoin Capital is sending RUNE price to the moon. According to Coingecko, the token has gained 30.8% in the past 24 hours, after defying the general dip experienced in the market, a couple of days back.
Uncommon Bet For A Money Bag
The world of cryptocurrencies today is filled with numerous investment moves by crypto assets management firms, and hedge funds amongst others. Investments into a cryptocurrency that is neither Bitcoin nor any of the top altcoins is highly unusual for an investment firm.
While the THORChain (RUNE) backing may come as a surprise to many, it is an indication that space is maturing and investors are not just moved by the price attractions of today, but by the value offerings and future prospects.
While RUNE may not be Bitcoin that was recently purchased by payment services giant Square Inc, it sure has the backing of a money bag that believes in its future.
Image source: Shutterstock