Filecoin (FIL) finally launches and explodes (up 112% in 24 hours)

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Last Updated on 16 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Some 3 years after raising the sum of $205 million in its Initial Coin Offering, Filecoin has finally launched as block 148,888 was mined. Although the wait was long, investors can now finally celebrate apparently, as the coin gained some 112% in the past 24 hours.

It is overtaking many others in terms of market capitalization already and now stands as the 26th biggest coin on CoinMarketCap at the time of writing.

The aim of Filecoin is to create a decentralized storage system that wants to “store humanity’s most important information.” The creator Juan Benet always maintained he can do so in a way that is unlike Amazon Web Services or Cloudflare, which are linked to centralization. Filecoin says it can be a decentralized filing sharing protocol.

Advertentie.

Binance, Gemini and FTX

The coin proved to be a huge success upon it’s listed and was immediately traded on several exchanges like Binance, Gemini and FTX.

The latter’s CEO Sam Bankman-Fried declared:

$FIL has traded about $150m so far. Roughly 60% of the volume has been on FTX! Started around $30, went up to $80 on FTX and $200 on other exchanges, now around $40-$80 on various exchanges.

Given the newness of its offering, Filecoin is trading at various prices on different exchanges at the moment, but up everywhere. It will be interesting to see on which price it settles in a few days when the hype secedes.