RUNE Soars 26% on THORChain Upgrade
THORChain's RUNE token surged by over 26% in the past 24 hours, making it the top gainer among the top 200 cryptocurrencies by market capitalization. The price increase was driven by a network upgrade and a stronger overall crypto market.
The THORChain v3.20 upgrade went live on August 26th, allowing users to swap Monero (XMR) and Zcash (ZEC) for Bitcoin (BTC), Ethereum (ETH), and stablecoins. This expansion of the network's addressable market is expected to increase swap volume, with Ethereum and Bitcoin consistently dominating.
The upgrade has also brought in a new user base, leading to a surge in daily buying volume that triggered liquidation of perpetual short orders. According to CoinGlass data, RUNE short positions worth 10 times those of longs were wiped out.