Reactivating Ethereum pools will result in a 78% increase in the price of THORChain

Earlier this year THORChain suffered a series of protocol exploits that resulted in the loss of $ 8 million of its reserves, and these successive attacks had a strong impact on the price of RUNE. This week, protocol announced it would reopen its Ethereum pool along with other altcoin and BTC-based pools, and the announcement appears to have had a positive impact on the price of RUNE.

Data from Cointelegraph Markets Pro and TradingView show that Since the $ 2.95 low on July 20, RUNE’s price has risen 283% to $ 11.64. and the trading volume is also increasing noticeably.

RUNE / USDT 1-day chart. Source: TradingView

Two reasons for relaxation and strengthening at RUNE are el Relaunch of trading functions in the five supported blockchain networks, including Ethereum (ETH) and the upcoming start of several new projects in the THORChain network.

Ethereum pools reopened

Reactivating Ethereum pools will result in a 78% increase in the price of THORChain
Reactivating Ethereum pools will result in a 78% increase in the price of THORChain

The biggest development behind the RUNE rally was reactivation of trading services on all supported blockchain networks, with the reopening of Ethereum on October 21st.

Activity was restricted after the April hack and after re-checking the code, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools will be reactivated.

According to data provided by THORChain, The pent-up demand for trading the protocol was demonstrated by the near-instantaneous trading volume of $ 2 million in ERC-20 tokens Minutes after the pool reopened.

Future airdrops and token launches

Another reason for the bullish price movement for RUNE is the upcoming start of several new projects in the THORChain network, which will soon be included in Thorstarter (XRUNE), This is a decentralized launch pad for the RUNE ecosystem.

Some of the most important upcoming releases are THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI Wallet.

According to data from Cointelegraph Markets Pro, market conditions have been favorable for RUNE for some time.

The VORTECSâ ?? -Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ ?? Score (green) compared to the RUNE price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS value of the RUNE token was in the green for most of the last week, hitting a high of 74 on October 18, about 19 hours earlier the price rose over the next two days by 29%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.

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