Monero (XMR) extended a rally that began in July, rising more than 46% since the start of August and making the month its strongest since April 2021. XMR climbed above $500 at the start of Sunday trading and stood at $521 at press time, up more than 11% over 24 hours, while most leading cryptocurrencies showed weaker momentum. Open interest nearly doubled from $131 million on Aug. 2 to almost $260 million, approaching the historical peak of $277 million reached in January. Positive funding rates and short liquidations nearly 10 times larger than long liquidations point to strong derivatives demand and possible liquidation-driven buying, although the move also raises volatility risks. THORChain’s reported upgrade added native Monero support and infrastructure for its privacy features, enabling native swaps between XMR and assets including ETH and BTC. The article links the rally to renewed interest in privacy-focused cryptocurrencies, despite Monero being blacklisted by some leading exchanges, and says the probability of XMR reaching $1,000 in 2026 rose from as low as 6% to 26% this month.