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Filecoin has surged in recent days following the news of a high-profile partnership.
In a tweet released on July 27, the Filecoin Foundation confirmed details on supporting the Harvard Library Innovation Lab (LIL);
The news led to a meteoric rise in the FIL token as social activity gathered pace. Consequently, FIL rose up to 80% last week supported by social and market activity.
At its peak, FIL reached $9.8 on July 31, but has since fallen to $7.97.
Submission of declarations
LIL will explore how decentralized and open web technologies can advance the discovery and preservation of human knowledge.
Marta Belcher, President of the Filecoin Foundation for the Decentralized Web (FFDW), said in the announcement:
“FFDW’s mission is to preserve humanity’s most important information. This collaboration will enable the Library Innovation Lab to explore how decentralized technologies can solve real-world challenges in preserving critical data, and we are excited to support the Library’s Democratizing Open Knowledge program.”
This update boosted activity for Filecoin as it channeled through a general recovery in market sentiment. According Lunar CrushFilecoin reached “#1 AltRank of the top 3,824 coins across the market with a strong weekly average rank of 101”, if only for a while.
Interestingly, mentions on social networks increased by up to 2.5 thousand, while social engagements also saw growth as they reached 13.86 million.
The social dominance of the token also looked up. The metric hit its highest point on July 26 at 2.62% when the price rally was about to take off.
Source: Santiment
Filecoin’s surge has raised some eyebrows, but this appears to be a “fake pump” and the token is not expected to continue the momentum.
It was evident in the subsequent 25% drop on August 2nd. In fact, volume fell by 42% in the meantime. Can FIL surprise investors as the overall market undergoes a relief rally? Well, only time can tell.
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