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Filecoin, a cryptocurrency, and blockchain-based cooperative digital storage network has gained 165% in value in the last seven days and 493%in the last three months.
The recent developments surrounding Filecoin, it’s mining machines and hosting,also the news about filecoin getting the “decentralized Dropbox” to the attention of crypto speculators, including Coinbase listing Filecoin in December, and Grayscale Investments adding a Filecoin Investment Trust to its roster of crypto investment vehicles have caused FIL prices to skyrocket.
According to regional reports from China, Xinyuan Technology Co., a computer hardware behemoth headquartered in Shenzhen, has invested millions in the filecoin mining ecosystem.
Chinese officials have all-but-officially encouraged Filecoin mining because its decentralized cloud storage purpose fits into China’s agenda to build out its own internet infrastructure as a defense mechanism in the ongoing tech Cold War.
Events Which LED to the Spike:
On Tuesday, The9, a Shanghai-based online game operator, agreed to purchase and host a $2 million Filecoin mining machine from a Filecoin mining service provider.Due to the mining rewards, Filecoin has become increasingly common among Chinese counterparts. As a result, The9’s investment makes sense. The business is also known to own and run an independent node on the Filecoin blockchain.
Xinyuan, which investe around $100 million in Filecoin miners, and Ninth City, which is publicly traded on the Nasdaq (NCTY) and has spent $12 million since February on Filecoin mining partnerships.
Also Chinese retail investors are into FIL, pushing it up on social media apps like WeChat. It has gone fully mainstream there.
FIL Price Analysis
According to Filfox, a Filecoin blockchain explorer, 370,000 FIL tokens are mined on average every day (roughly $82 million at the current FIL price), and gas prices (which are nanoFIL on the Filecoin blockchain) are increasing.
This could suggest that a FIL market correction is on the way. FIL is also overbought, according to its RSI (relative strength index). (Protocol Labs has been contacted by Decrypt for comment on Filecoin’s price movement.)
For the time being, early miners, new investors, and Chinese tech companies looking to diversify are all leading to the Filecoin craze.