Why Filecoin Shot Up Nearly 100% This Week

Filecoin (FIL) shot up nearly 100% this week and was trading 31% higher at $10.93 at press time.

FIL surged at press time even as major coins declined and the global cryptocurrency market cap fell 0.9% to $1.1 trillion.

Filecoin (FIL) Price Performance
Time-frame	% Change (+/-)
24-hour	31%
24-hour against Bitcoin (CRYPTO: BTC)	35.1%
24-hour against Ethereum (CRYPTO: ETH)	33.4%
7-day	99.3%
30-day	112.4%
YTD-performance	-69%

See Also: How To Get Free Crypto

The Filecoin Factors

Filecoin was trending among retail investors on Stocktwits at press time. The token was the top 24-hour gainer on CoinMarketCap and also topped the trending list on the price tracking website. It was also noted as trending on CoinGecko.
The 24-hour trading volume for FIL jumped 32.2% to $2.12 billion, according to CoinMarketCap.
Coinglass data indicated that $12.01 million worth of FIL were liquidated over 24 hours as the price of the token surged
The relative strength index of FIL was at 85.72 at press time, according to TradingView. An asset with RSI over 70 is considered overbought, while one with RSI under 30 is considered oversold

NFT Storage Buzz

The official handle of Filecoin shared a post about NFT.Storage — a service that harnesses the platform’s technology to store nonfungible tokens recently. The service came into existence in April 2021 and currently has around 30,000 users.

The handle also shared a more recent news article on NFT. Storage and how it uses Filecoin.

FIL On The Web

The rally in FIL did not go unnoticed on Crypto Twitter.

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This Crypto Token Nearly Doubled This Week, Outpacing Bitcoin And Ethereum

The Filecoin Factors

NFT Storage Buzz

FIL On The Web