RAIN Soars 21% as Burn and Listing Ignite Price Rally
Rain [RAIN] has seen a significant surge in price after two major developments. The first was a $108 million burn of RAIN tokens, which reduced circulating supply by 1.035%. This event, approved by the DAO, sent 7.42 billion RAIN to a null address, permanently removing them from circulation.
The second development was the listing of RAIN on Hyperliquid, an on-chain order book that allows traders to trade the token without being in a custodial environment. This increased liquidity and made it easier for traders to access the token.
The combination of these two events has led to a 20.63% surge in price over the last 24 hours, with RAIN reaching a high of $0.0176. However, the rally stalled at $0.019503, where selling pulled the price nearly 10% below the session high.
The token is now trading above its June high and has established a breakout from its prior range. However, it still faces significant overhead resistance around $0.0195, which could limit further gains.