Filecoin (FIL) finally launches and explodes (up 112% in 24 hours)
Last Updated on 16 October 2020 by CryptoTips.eu
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.
📂 Filecoin is coming...
— Filecoin (@Filecoin) October 15, 2020
get ready for #FilecoinLiftoff
October 19-23https://t.co/8m58KD6qJI pic.twitter.com/vz3B3dSsx6
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.
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 Filecoin Network has passed epoch 148,888 🎉 — the rocket has lifted off 🚀 So far, the network is stable and community members are reporting successful operations #FilecoinLiftoff https://t.co/zxzc28D8ia
— Filecoin (@Filecoin) October 15, 2020
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.