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Filecoin (FIL) Skyrockets 40% in a Week, Outperforms THETA

DeFi storage network Filecoin has emerged in the market with a 40% rise and has even surpassed Theta by market cap. Chinese Crypto journalist Colin Wu reported Filecoin has even surpassed Theta on some Dex aggregators. 

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Filecoin has witnessed a huge inflow from miners and investors, this has even accelerated after the largest investment firm Grayscale announced launched of five new crypto trusts of Filecoin, Decentraland, BAT, LPT, and Chainlink.

The altcoin has garnered major inflows from China, it went from $96 on Friday to $136 today ie its new All-time high.

Is the Trading Volume Data Inaccurate?

Journalist Colin Wu has raised concerns over FIL’s trading volume data. He reports that on many data platforms, FIL has surpassed Theta by market cap.

Theta, in the last week, made it to the top 10 tokens on the chart and is currently on #9 preceded by Litecoin.

The journalist says, Huobi is where the main trading volume of Filecoin takes place, and the authenticity is not reliable as trading bots have been scalping orders, according to Coinmarketcap.

Although, Coinbase is more reliable and the trading volume of FIL on the platform is pretty high. Filecoin’s major developments last week have bought this positive price spike, one of which is its partnership with Chainlink’s Oracle platform.

This will create an end-to-end Web 3.0 development stack, forming a bidirectional communication between Filecoin and smart contracts. At the time of writing Filecoin is trading at $125.27, and is on #15 market cap rank. It has achieved a whopping growth of 184.6% in the past 14 days and 50% in the last 7 days.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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