The DeFi storage network Filecoin hit the market with a 40% increase and even outperformed Theta by market capitalization. Chinese crypto journalist Colin Wu reported that Filecoin even outperformed theta on some Dex aggregators.
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On the morning of March 27, Beijing time, Filecoin soared again, peaking at $ 134. On some platforms, the market capitalization outperformed theta on Top9. https://t.co/QEluMlcsbH
– Wu Blockchain (@WuBlockchain) March 27, 2021
Filecoin saw a huge influx of miners and investors. This even accelerated after the largest investment firm Grayscale announced the creation of five new crypto trusts from Filecoin, Decentraland, BAT, LPT and Chainlink.
The altcoin has seen large inflows from China, rising from $ 96 on Friday to $ 136 today, the new all-time high.
Is the trade volume data inaccurate?
Journalist Colin Wu has raised concerns about FIL’s trade volume data. He reports that FIL has outperformed theta by market capitalization on many data platforms.
Behind the rise in Filecoin, Huobi’s largest exchange, Huobi, was its main trading volume. However, CMC said the authenticity of the transaction was low. Some robots could scalp jobs. Coinbase’s real trading volume is not low. pic.twitter.com/zOjB3LW9Le
– Wu Blockchain (@WuBlockchain) March 27, 2021
Theta made it into the top 10 of the charts last week and is currently number 9, followed by Litecoin.
The journalist says that the main trading volume of Filecoin takes place in Huobi and the authenticity is not reliable as trading bots have scalped orders according to Coinmarketcap.
Although Coinbase is more reliable and FIL’s trading volume on the platform is quite high. Filecoin’s major developments over the past week triggered this positive price surge. One of them is the partnership with Chainlink’s Oracle platform.
This creates an end-to-end Web 3.0 development stack that creates two-way communication between Filecoin and Smart Contracts. At the time of writing, Filecoin is trading at $ 125.27 and ranks 15th in market cap. It has grown a respectable 184.6% in the last 14 days and 50% in the last 7 days.
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