Price Analysis

Will RUNE’s September Hard Fork Propel THORChain Price to ATH?

THORChain price anticipates a surge following the September hard fork, which aims to enhance network efficiency and performance, potentially elevating market confidence.
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Will RUNE’s September Hard Fork Propel THORChain Price to ATH?

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.

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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 It will update the Cosmos SDK from version 45.1 to 45.16, excise outdated legacy code, and remove superfluous Cosmos modules.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.

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.

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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.

THORChain Price Chart| Source: TradingView

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.

Source- Coinglass

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

What is the THORChain hard fork?

It's an upgrade on September 4, 2024, to improve network efficiency by updating software components and removing outdated code.

Is user action required for the hard fork?

No, users do not need to do anything; the upgrade requires no user intervention.

How could the hard fork affect RUNE's price?

The upgrade may boost RUNE's price due to enhanced network capabilities and increased market confidence.
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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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