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Saturday, May 28, 2022

THORChain Price Sees A Surge Of 78% Following Ethereum Pool Reactivation

Earlier in the year, there had been multiple protocol exploits for THORChain that resulted in a leak of $8mn. The continuous attacks also heavily impacted the price of RUNE.

This week, THORChain announced that its pool of Ethereum is going to be re-opened. Several other BTC-based and altcoin pools are also set to reopen. This seems to have impacted the price of RUNE positively.

Things Are Looking Up For THORChain

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TradingView and Cointelegraph Markets data indicates that after hitting the 20th July $2.95 low, RUNE price has seen a surge of 283% and coming up to $11.64. Trading volume has also seen an observable uptick.

The primary development fuelling RUNE’s momentum is the trading service reactivation in every blockchain network that is supported. On 21st October, Ethereum is reopening as the first one for THORChain.

The hack in April had forced trading to become restricted. However, the code has been re-checks, and THORChain is reopening pools of Bitcoin Cash, Binance Coin, Litecoin, and Bitcoin.

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As per THORchain’s data, there was a lot of pent-up trading demand. It was clearly depicted by a $2Mn trading volume that happened almost immediately within minutes of the ERC-20 token pool re-opening.

One more reason that is pushing the price is the approaching launch of several new THORChain network projects. The projects will be listed soon on the XRUNE (Thorstarter) platform. XRUNE is a Launchpad that is decentralized for the ecosystem of RUNE. Some of these are XDEFI wallet, DeFi Swap, Skipp Swap, Brokkr Finance, THORWallet, and ThorSwap.

Cointelegraph markets data suggests that RUNE’s market conditions have been positive for quite some time. RUNE’s VORTECS score had been in the green zone for most of the previous week. On 18th October, it had reached the highest point of 74. 19 hours afterward RUNE price saw a 29% increase across the next 48 hours.

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