As data from CoinMarketCap shows, RUNE hit a daily low of $10.06 early on Wednesday before rebounding to $10.19 at writing.
RUNE underpins Thorchain, a Cosmos-based cross-chain platform that lets users swap cryptocurrencies from different networks without centralized intermediaries.
Last month, Thorchain rolled out several new features, including the addition of synthetic assets, letting users create derivative versions of other popular cryptocurrencies like Bitcoin and Ethereum.
The addition of synthetic assets, which saw over $41 million in trading volume over the last day on the decentralized exchange (DEX) Thorswap, could have contributed to RUNE’s recent rise; however, the token is now entering a dangerous zone with risk of further plunge.
DeFi ‘blue chips’ hit the skids
SNX, the native token of Synthetix, a derivatives liquidity protocol that enables users to trade synthetic versions of stocks, currencies, commodities, and indices, is down 10.4% at press time, changing hands at $6.09, per CoinMarketCap.
On Wednesday, SNX hit the daily low of $5.87, a level last seen at the end of March.
Over the next few days, Synthetix is expected to add as many as eight new assets to its futures market, including the likes of Solana (SOL), Avalanche (AVAX), Polygon (MATIC), AAVE, and Uniswap (UNI).