Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes

Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes

Yesterday, after years of waiting, Filecoin (FIL) finally launched, Funded by legendary venture capital companies like Sequoia Capital, Andreessen Horowitz, and Union Square Ventures, the project is a blockchain-based data storage and data recovery network. Users can pay FIL to store their files on secure storage miners, which facilitate the network.

The project, like many other hyped-up coins, launched at absurd valuations. The cryptocurrency quickly spiked above $100 on the exchanges that supported it, meaning it had a fully-diluted market capitalization in excess of $200 billion — yes $200 billion.

Filecoin has begun to crash as investors have realized that it may be overvalued on a long-term basis. Short positions have been opened en-masse, driving the coin dramatically lower on futures exchanges such as Binance and FTX.

Trending: Joy Reid Claims That There is No Evidence That Black Lives Matter Has Ever Pushed For Violence

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Filecoin Crashes on Top Exchanges

Filecoin has crashed dramatically since trading began yesterday on top exchanges such as Kraken, FTX,

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!