Filecoin’s token is soaring by the most in all of crypto.
FIL has jumped 168% to $231 in the last week, the most among the top 100 tokens listed on CoinGecko.
The project raised $52M in a presale and $205.8 million dollars in an ICO during the 2017 crypto boom only to largely fall off the map until the token’s release last October. Now people are paying attention again.
Fueling the rally are news including Grayscale’s Filecoin Trust launch on March 17 and Chainlink’s integration, which will allow Filecoin’s blockchain’s state to become easily accessible to other chains.
Only .03% of Filecoin’s max supply of 2 billion tokens are currently circulating. This leaves some room for skepticism about the token’s value as were all the tokens trading, the project’s market capitalization at this price would be $456B, more than double that of Ethereum.
Filecoin is a system which aims to decentralize the cloud, enabling a marketplace for network participants to provide storage and retrieval on the supply side and pay for these services in FIL on the demand side.