Filecoin: Deciphering reasons behind FIL’s unprecedented hike

ambcrypto.com:

Filecoin [FIL] has grabbed the attention of many traders in recent days because of its current price action.

The token’s price increased by over 11% in just the last 24 hours while its volume shot up by over 130%. According to CoinMarketCap, FIL registered a weekly uptick of more than 77%, and at the time of writing, it was trading at $8.47 with a market capitalization of more than $3.29 billion.

A possible reason behind this unprecedented surge can be attributed to the hype around the launch of Filecoin’s FVM, which is expected to go live in March 2023.

The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts (also called actors) on the Filecoin network, which will bring user programmability to Filecoin, unleashing the enormous potential of an open data economy.

After the launch, Filecoin has planned the next major updates for the FVM, which will also release later this year.

Interestingly, FIL also recently completed its most successful hackathon to date. As per the official announcement, the hackathon ran from 20 January to 10 February and received overwhelming support from the developer community.