Heads Up! Thorchain is reactivating (BNB Only).

If you haven't been following this project over the last couple of months, Thorchain's Eth router got hacked, twice, in July which led to a substantial loss of funds.

Since then, Thorchain has been fixing bugs and having the code audited to make sure the possibility of another exploit happening is minimised or eliminated.

After being on Testnet for the better part of a week, Thorchain today announced that they are moving forward with activating BSC assets again.

How long it is going to take, nobody knows for sure!

I am particularly looking forward to seeing how the market reacts once this process is finished.

I have to admit that I am not entirely sure how Thorchain works and thus cannot give an informed opinion on how I expect the market to react to this update.

However, going by the thoughts of Mistakili, whose post you can read here: Thoughts on Thorchain’s prolonged chain halt - Something fortunate is brewing, I am forced to consider a possible sell-off.

But there’s a caveat to this, in the light of the price of Rune token which has held a strong support at $10, as soon as the chain restarts, there’s a chance that some LP’s might be tempted to withdraw their liquidity and dump their assets putting a selling pressure on the price of the token.

$RUNE is a spot trading favourite of mine. I have seen it rise to $20 and down to $3 as a result of the hacks and then up again to $12 as a result of people buying the dip.

There is always plenty of liquidity and thus it presents many profiting opportunities.

That said, we are in the 4th quarter. This is the period when markets dump as people cash in possibly to fund Christmas vacations and buy discounted stuff on Amazon.

Therefore, I wouldn't be surprised if there are a couple of LP's who decide to cash in once the chain restarts.

I am currently targeting potential support zones, particularly around $6.6. If there is panic selling, hundreds of thousands of people just like me will be waiting to pick up some very cheap $RUNE.

All the LEO diamond hands will tell you, owning a bag of $RUNE is a must!

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