THORChain’s native token RUNE surged over 26% in 24 hours, leading all top 200 cryptocurrencies by market cap. The rally was fueled by the THORChain v3.20 upgrade, which went live on August 26, enabling swaps of Monero and Zcash for Bitcoin, Ethereum, and stablecoins. The upgrade expands the network’s addressable market and follows a $10 million exploit three months earlier. Daily trading volume tripled to over $20 million, and short liquidations worth 10 times those of longs were wiped out. The price tested $0.65 resistance but was rejected, with sentiment at 80 and 1.78 million RUNE bought on Binance.
THORChain’s RUNE token surged more than 26% in the past 24 hours, ranking first among gainers in the top 200 cryptocurrencies by market capitalization. The rally was driven by hype around the THORChain v3.20 network upgrade, combined with a broader, stronger crypto market.
Daily trading volume matched the price uptick, recording a 3x increase to over $20 million. The v3.20 upgrade went live on August 26, allowing users to swap Monero and Zcash for Bitcoin, Ethereum, and stablecoins.
This upgrade expands THORChain’s addressable market by connecting privacy-focused users directly to crypto. It comes three months after an attacker exploited the chain for over $10 million across BTC, ETH, and BSC.
The upgrade could increase swap volume, as Ethereum and Bitcoin consistently dominate THORChain’s activity. The chain averaged $7 million in daily BTC swaps and $10 million in daily ETH swaps, according to data.
The rally was driven by a surge in sentiment following the upgrade and an increased user base. The buying volume triggered liquidation of perpetual short orders, with short positions worth 10 times those of longs wiped out, as per CoinGlass data.
RUNE’s 200-day EMA turned bullish on a daily scale, but the price remained below the $0.65 resistance zone. Bulls tested that level but met instant rejection, and it remains unclear if they can breach it.
The cumulative volume delta showed 1.78 million RUNE were bought on Binance, while sentiment stood at 80. The rally may be sentiment-driven and could be short-lived, unless the market structure shifts to confirm a bullish reversal.
