- Filecoin (FIL), which was boosted by news of a network development, rallied.
- Coinbase saw the FIL token reach a high of $7.89.
- Filecoin Virtual Machine (FVM), according to Friday’s news release, will launch on March 1, 2023.
Filecoin reached its highest price since Friday 18 August 2022, thanks to a 26% surge on Friday. The native FIL token reached highs of $7.89 at major cryptocurrency exchange Coinbase.
The decentralised storage network has seen gains after a recovery that started on Tuesday 14th February with a 5% increase. Before that, a flip in market sentiment had pushed FIL/USD down nearly 13% on 9 February, with the token’s value dipping to close at $4.78.
While it’s not possible to make a Filecoin price prediction with certainty, lets see what likely catalysed today’s stellar run.
What is behind Filecoin’s price surge today?
Filecoin’s price has experienced a significant uptick in just two days. It broke through key resistance of $6.00.
The Filecoin price hit a record high of $7.89 at Coinbse. Source: TradingView
Per CoinGecko data, FIL has surged 55% in the past week and going by today’s 340% jump in 24-hour trading volume, there seems to have been some serious buying firepower behind the price surge.
The main trigger for today’s rally appears to have been news that the Filecoin Virtual Machine will go live on 1 March.
The #FVM Industry is about to change like never before. ☄️
FVM unlocks everything with smart contracts, provable storage and smart contracts. Join us on March 1st for the largest community event of 2018. ⤵️ https://t.co/zviY8FZwCx pic.twitter.com/MCYC5CGoA6
— Filecoin (@Filecoin) February 13, 2023
Benefits from FVM to Filecoin network
The Filecoin development team believes that the FVM will bring a new era to the Filecoin Blockchain.
In particular, the layer-1 network will receive a refined system that includes smart contracts and programming. Users who wish to interact via decentralised applications (dApps) will also find the FVM more scalable and with lower fees.
Its perpetual storage, streamlined decentralised finance access (DeFi), as well as DataDAOs are key uses that will increase Filecoin’s adoption and drive additional traffic. The Filecoin Virtual Machine can be interoperable with Ethereum Virtual Machine.
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