Filecoin Price Spikes As FVM Launch Nears, Will It Rally Higher?

A day to the FVM launch, and Filecoin is already pulling weight. The upcoming Filecoin Virtual Machine (FVM) launch is sparking more traction in the Filecoin network as FIL soars nearly 30% a day before launch. According to the Filecoin development team, the FVM would go live on epoch 2,683,348 of the Filecoin mainnet at 15:14 UTC on March 14.

Notably, FVM already has Binance’s support. According to the official announcement today, Binance will support Filecoin’s network upgrade known as Network v18 Hygge. The crypto exchange will momentarily halt FIL withdrawals and deposits on its platform at 14:30 UTC on March 14.

Filecoin (FIL) Price Surges Amid Heightened Anticipation For The FVM Launch

Over the past weeks, FIL has been basking in the hype around the FVM launch with impressive performance. Without the past week’s market-wide bearish trend, FIL would have sustained most of its February and January price gains. 

FIL observed a 12.9% price decline over the past two weeks. However, data from Tradingview shows that FIL has recovered most of its past weeks’ gains. The coin has rallied 30.14% over the past month and a 3.24% price gain in a week.

Notably, Filecoin users remained bullish about the coin in anticipation of the FVM upgrade. Data shows that FIL has recorded an over 228% surge in trading volume amid the heightened expectation of the network upgrade. Besides that, the FIL price rallied 28.49% over the past day while trading at $6.354 at press time.

The community’s sentiment towards the upcoming launch is evident in the number of viewers and attendees of the Countdown to FVM event on March 10. According to a tweet from Filecoin’s official handle, over 50,000 viewers and 300+ attendees were keyed into the event. 

Also, data from Defillama shows that Filcoin’s total value locked (TVL) has increased by 19.97%. As of March 12, the TVL stood at $1,850,223, but today March 13, it rose to $2,219,792. 

Features Of The FVM Upgrade

The Filecoin Virtual Machine is a runtime environment where developers can deploy smart contracts on the Network. Like the Ethereum Virtual Machine (EVM), FVM would scale the FIL blockchain’s programmability releasing the potential of an open data economy.

The FVM will transform Filecoin into a fully developed layer-1 blockchain. FVM will be compatible with EVM, enabling FIL to support multiple virtual machines after the upgrade.

Since Filecoin is a decentralized data storage system, deploying the FVM will enable more people to create and gain value from data. FVM would allow the developers to build applications, marketplaces, and decentralized organizations on the Filecoin network. It would also reduce gas fees, scale transaction speed, and bolster DeFi adaptation on Filecoin.

These features have increased the community’s anticipation for the FVM launch, supporting the FIL token price rally. The current rise in trading volume suggests either more people have already started Filecoin transactions or existing users increased their activities while awaiting tomorrow’s launch.

Featured image from Pexels and chart from Tradingview.com