Saturday, June 10, 2023

Bulls Aim for $100 Filecoin


Although FIL is still more than 70% below its all-time high, derivatives data reveals that traders are increasingly increasing leveraged bets.

Filecoin (FIL) has lost momentum, according to some traders. This is because its current price of $64 is more than 70% lower than its all-time high of $238. Nevertheless, this decentralized data-sharing platform appears to be gaining traction. Traction that could cause the FIL token price to continue its upward path.

The Filecoin Network uses the FIL token to purchase storage space and retrieve files. At the same time, they pay consumers who use this open-source platform to sell their extra storage. Filecoin has economic incentives to guarantee the reliability of the storage of the files. This is in order to compete with existing centralized cloud storage providers.

Filecoin introduced a referral program for individuals who bring members with datasets larger than 90 terabytes on September 14.

According to their website, there are over 3,000 servers and storage providers offering capacity to 400+ applications. Also that the network surpassed 9,000,000 Terabytes in August.

Filecoin and Flow BlockChain

Filecoin announced a storage partnership with Flow Blockchain, on October 13th. DApper Labs support this partnership.

The service will create a decentralized data storage system for nonfungible tokens (NFTs) and their associated media assets. Eternal, Starly, Versus, and the future multiplayer online game Chainmonsters are among Flow’s platforms.

More importantly, there will be the reduction of the everyday production of Filecoin tokens by 23.8 percent on Oct. 15 to commemorate the one-year anniversary of the mainnet’s inception. This has an impact on early investors’ 7.5 percent ownership. This equates to 150 million FIL tokens after the three-year issue term.

The open interest in Filecoin futures has surged by 45 percent since September 30. This indicates that investor interest is now picking up. This statistic shows the total number of contracts in play, irrespective of whether they were exchanged on a particular date.

The perpetual contracts financing rate can be used to determine whether the market is bullish.

Even if the open interest of buyers and sellers is always equal, leverage might change. The funding rate turns positive when purchasers (longs) want more leverage. As a result, they are the ones who pay the commissions to the sellers (shorts).

Shorts, on the other hand, require more leverage, which causes the funding rate to go negative.

Filecoin’s financing rate recently topped 0.06 percent per 8-hour as the FIL token battled but failed to break through the $80 hurdle on Oct. 8.

Despite its price being 70 percent below an all-time high of $238, derivatives measures suggest few signs that investors have abandoned Filecoin.

The recent cooperation with Flow Blockchain, increased network use and capacity, and lower token emission all point to the previous three-week upswing continuing. Nothing seemed to be keeping FIL from hitting the $90 to $107 mark in November.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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