Why Did Filecoin (FIL) Surge Over 70% Today?

Filecoin, a decentralized data storage marketplace, has emerged as one of the top gainers within the past 24 hours. According to on-chain data from CoinGecko, its native cryptocurrency, FIL, has soared by over 70%. This brings its trading price at the time of this writing to $2.33.

The project’s ongoing surge began shortly after it announced that it would co-host an event, dubbed DePIN Day, on November 18th in Buenos Aires. Filecoin also teased that it would unveil “something big” at the physical event.

Filecoin to Co-host DePIN Day

Launched in 2014, Filecoin is a decentralized storage platform that offers an alternative to conventional data storage options. It provides a marketplace where users (storage providers) can rent out spare hard drive space to other users using the protocol.

Storage providers are rewarded using FIL tokens for providing their unused storage space. On the other hand, those using these provided storage capacities can safely store and retrieve data without relying on a traditional data storage provider.

Due to its utilities, Filecoin has been categorized under the Decentralized Physical Infrastructure Network (DePIN). For context, DePIN is an umbrella term used to describe projects that utilize blockchain technology to decentralize control of physical infrastructures. This way, no single entity or centralized authority can retain control over operations. Instead, every individual within an ecosystem has a share in overseeing the activities within the project.

Between last year and this year, Filecoin has participated in previous DePIN Day events. This time, the Filecoin Foundation has joined forces with Fluence to host the upcoming DePIN Day. Fluence is an affiliate of Filecoin offering a decentralized computing marketplace. Projects such as Protocol Labs, Lava, and AR.IO are sponsors of the event.

Filecoin sparked curiosity among prospective attendees by indicating that a new product/service would be unveiled at the event. Without sharing many details, the project wrote:

“What if you could own, verify, and program your cloud? Hear it first at DePIN Day.”

Currently, over 500 individuals have indicated their readiness to attend via a provided website.

Notably, DePIN Day is part of a six-day event for the Ethereum community, dubbed Devconnect Week. The event will be held in Argentina from November 17th to 22nd.

FIL Surges

Due to the upcoming event and possibly the teased announcement, investors have decided to delve into the Filecoin ecosystem by acquiring its native cryptocurrency. FIL was previously trading at around $1.35, less than 24 hours ago. Reaching its current highs indicates that investors are bullish about the project’s progress.

Aside from Filecoin’s FIL, Fluence’s FLT also saw a mild price surge within the past 24 hours. After soaring by nearly 6% to $0.014357, it retraced to $0.01433 at the time of writing.

Interestingly, both cryptocurrencies are recording surges when the broader crypto market is seeing price downtrends. Bitcoin, the leading cryptocurrency, has lost over 8% of its valuation within the past week alone. This brings its trading price to $100,400 at the time of writing. Others, such as Ethereum’s ETH and Solana’s SOL, have dropped by 14.8% and 17.5%, respectively, bringing their trading prices to $3,270 and $153.

The post Why Did Filecoin (FIL) Surge Over 70% Today? appeared first on CoinTab News.