THORChain Hard Fork Sees RUNE Plummet
THORChain successfully completed a hard fork using Cosmos technology, but despite the optimism surrounding the update, sellers continued to dominate, leading to a decline in the daily chart. As a crypto enthusiast, it’s essential to stay informed about the recent developments in THORChain and the native currency, RUNE.
RUNE Token Update
- RUNE, the native token of THORChain, has been under pressure recently, dropping by 12% in the last 24 hours.
- The token is currently trading nearly 70% lower than its peak in March, indicating a significant downtrend.
- There is immediate support at $3, while resistance is at $5, with traders closely monitoring these levels for potential price movements.
THORChain Development Progress
- Despite the price drop, THORChain continues to focus on development, with recent improvements to enhance user experience.
- The recent hard fork upgraded the Cosmos SDK to version 45.16, making the DEX more robust.
- Efficiency was increased by removing unnecessary Cosmos modules, and synchronization time was reduced with changes to the node state.
- THORChain now supports Bitcoin Taproot addresses, leading to improved interoperability with the Bitcoin mainnet.
Active THORChain Ecosystem
- Even amidst falling crypto prices, the THORChain ecosystem remains strong and active.
- Analysts noted a significant milestone on September 1 when THORChain facilitated its largest transaction, swapping $8 million worth of BTC for USDC and earning $26,000 in fees.
Hot Take: What Lies Ahead for THORChain and RUNE?
As an investor in the crypto space, keeping an eye on the development progress of projects like THORChain and the performance of tokens like RUNE is crucial to make informed decisions. Despite recent price drops, the underlying technology and ecosystem strength of THORChain highlight potential growth opportunities. By staying updated on the latest advancements and market trends, you can position yourself strategically in the ever-evolving world of cryptocurrencies.*
Sources:
– THORChain Hard Fork Status
– CoinMarketCap Data
– THORChain Transaction Report
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