---
title: What's Driving Token Prices? (Mar 30, 2022)
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving RON, RUNE, CHZ, JEWEL token prices in the digital asset ecosystem this week (3/30/2022).
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

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# What's Driving Token Prices? (Mar 30, 2022)

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Mar 30, 2022

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

 

- **RON (-9%)** - Ronin, the sidechain supporting the Axie Infinity ecosystem, was hacked last week for over $600M. This hack is one of the largest to date and resulted in a loss of funds for players and the Axie Infinity Treasury, including 173,600 ether and $25.5M in USDC. The team has publicly pledged to pay back impacted users, but has not shared their plan for how and when funds will be paid back.
- **RUNE (+47%)** - Cross-chain liquidity protocol Thorchain (RUNE) integrated with the Terra blockchain last week, allowing users to deposit LUNA and UST into the Thorchain pools to earn swap and staking fees. As the price of RUNE is designed to deterministically be 3x TVL ($1 of RUNE liquidity provided per non-Rune $1 + $2 of RUNE per validator per dollar of TVL) coupled with the demand to deposit LUNA and UST, the price of RUNE has run over 40% since the launch last Thursday.
- **CHZ (+48%)** - Socios, the fan token platform powered by Chiliz (CHZ), announced yesterday that it had signed a $20M deal with Lionel Messi to promote fan tokens on their platform. For those that are not aware, Lionel Messi is considered one of the greatest soccer players of all time. He has 300M Instagram followers, making him the perfect ambassador for the project.
- **JEWEL (+90%)** - JEWEL, the governance and in-game token for play-to-earn game Defi Kingdoms, rose 90% in the last week on the much-anticipated launch of the game on the Avalanche blockchain. Instead of migrating the whole game over to Avalanche, the team opted to launch a new portion of the game, titled Crystavale, to Avalanche and keep the original game on the Harmony Blockchain. Holders of JEWEL will receive an airdrop of CRYSTAL tokens to be used within Crystalvale on Avalanche.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

 

 

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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