Over the last issues, we saw some confusing things happen and in this issue it’s confirmed…
It’s a girl! I mean, we kinda knew that, but here she is where she really steps into the forefront.
Loki is now occupying a physical form that was intended for Sif, but s/he managed to usurp Sif’s position. It’s nice to see that her personality is not changed as a result of the gender swap. She immediately sets about fomenting dissent and dissatisfaction.
She goads Balder into fighting some Frost Giants, who apparently now live in the Rocky Mountains, which gets him in trouble with Thor, and then tells him that his whole life has been a lie: Odin is really his father, and so Balder has as much of a claim to the throne as Thor.
The story turns out to be true, and Thor confirms it.
Thor and Odin had kept it secret because of a prophecy, but now that the truth is out, there is a coronation recognizing Balder as the new Prince of Asgard.
Of course this is not going to end well.