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Highlights
- THORChain price increases by 5% in 24 hours, indicating positive momentum.
- The upcoming RUNE upgrade on September 4 could boost the price significantly.
- Technical indicators suggest strong rebounds as market conditions improve.
THORChain price (RUNE) has experienced a noticeable uptick in its value as the broader cryptocurrency market begins to rebound. The price of RUNE is indicating a robust recovery, hinting at positive market dynamics. As digital currencies overall appear to be rebounding, the sector anticipates further growth, particularly with an impending hard fork upgrade.
THORChain Price Surge Anticipated Post-Upgrade
THORChain price is slated for a substantial hard fork on September 4, 2024, at 4 pm UTC. This event, expected at block 17561740, will introduce significant enhancements. It will update the Cosmos SDK from version 45.1 to 45.16, excise outdated legacy code, and remove superfluous Cosmos modules. These changes aim to trim the node state, enabling quicker synchronization processes, now over 1 terabyte.
September-2024 Hard Fork Preparation
THORChain’s blockchain will undergo an upgrade on 4 September 2024 at 4pm UTC, estimated at block 17561740
No action is required by any user
Exchanges, wallets, and dApps must prepare to ensure a seamless transition for your users
— THORChain (@THORChain) August 20, 2024
No user intervention is required for this upgrade. However, exchanges, wallets, and decentralized applications need to prepare meticulously to ensure their users experience no disruptions. This preparation will aid in maintaining the stability and efficiency of services connected to the THORChain network.
RUNE Price Surges 6%, Eyes More Gains Ahead
Over the past 24 hours, the THORChain price has seen a notable increase. At the time of writing, the RUNE price hovered at $4.14, making a strong surge of 6.16%, indicating a robust upward trend in the market.
The top altcoin opened the day at $3.81 and reached a high of $4.13 before settling at the current price. This recent movement underscores growing investor confidence in THORChain’s market position and potential for future gains.
According to Coinglass, the trading metrics for RUNE have seen significant changes. The trading volume has decreased by 15.24%, now standing at $84.75 million. In contrast, the open interest has increased notably, rising by 13.02% to reach $52.12 million. These metrics suggest a mixed sentiment among traders, with a decline in trading activity alongside a growing interest in holding positions in the market.
If the price of THORChain overcomes the $5 mark due to strong bullish trends, this could herald a revival. Such an advancement may propel its price toward the previously reached $7.27 peak. Surpassing this milestone might set the stage for approaching the three-year-old record high of $21.26 after the hard fork upgrade.
Frequently Asked Questions (FAQs)
1. What is the THORChain hard fork?
2. Is user action required for the hard fork?
3. How could the hard fork affect RUNE's price?
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