Filecoin: The network is upgrade, investors are excited, but FIL price do not increase
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In an official statement published on October 31, Filecoin [FIL] announced that it has taken another step towards its decentralized storage goals.
According to the network hosting team, Filecoin has completed a partnership with ProtocolLabs, AMD, and Seagate to develop a decentralized network alliance that makes it easier to connect web2 to web3.
Talking through its official blog, Filecoin notes that its network has grown eightfold by 2022. However, the recent upgrade will ensure that it meets its 2025 goal of delivering 2022 zettabytes. decentralized network storage. Filecoin stated,
“The Decentralized Storage Alliance has introduced an exclusive board of members at FIL-Lisbon. In the coming months, he will focus on introducing the second batch of members and announcing his first specs. These efforts will form the basis for the formation of new working groups designed for specific focus areas of the ecosystem by 2023.”
Filecoin explodes on social networks
A few hours after the development went public, the Filecoin community started a rare rage. This eruption tore through all social media, with Lunar Crush reporting that FIL hit a daily all-time high (ATH) for social interactions.
According to the social intelligence platform, daily interactions reached 27.8 million. This implies that the Filecoin community is extremely interested in the update. Furthermore, they indicated that they were satisfied with the development based on comments from the Filecoin Twitter page.
Despite the upgrade, Filecoin did not garner a significant positive response. According to Santiment data, FIL's positive sentiment remains at a low of 3.2168.
As for negative sentiment, it is lower at 1,72. However, the figures indicate that Filecoin is considered valuable by investors at press time.
However, the negative sentiment was not lower than 0.71, indicating that the positive responses were not enough to neutralize the impact of the first reactions.
FIL is unchanged
At press time, Filecoin is down 0.91% over the past 24 hours, Santiment revealed. The social peak did not turn into a battle for more shares.
This is because the 24-hour trading volume is $165.82 million. Since this is not a place near a rally, the FIL may prefer a further downtrend. Interestingly, this data is a backlash to the period when it was the "currency of the day".
Given the current state on-chain, Filecoin investors likely won't see a FIL rally any time soon. Moreover, there is hardly any chance for the market to recover.
However, the community believes that the recent update is a great boon for the network.
Nov 02, 2022