Filecoin (FIL): How Network Upgrade Triggered Social Outbreak

The October 31 official statement had Filecoin announcing another move toward the decentralized storage goals. The blockchain’s storage team revealed that the crypto finalized collaborations with Seagate, ProtocolLabs, and AMD to build a decentralized platform alliance to smoothen web2 – web3 bridging.

Also, Filecoin confirmed that its ecosystem recorded massive growth this year. Nevertheless, the latest upgrade would push it to realize its 2025 goal of offering decentralized network storage of 2022 zettabytes. Filecoin announced that the decentralized storage alliance established a member board at Fil-Lisbon.

The upcoming months would see it concentrating on attracting another batch of members & introducing its initial specifications. Such efforts will build the foundation for new Working Groups to focus on specific ecosystem areas in 2023.

Not an All-Round Thing

The FIL community launched an unusual blast some hours after publicizing the development. The eruption dominated all social platforms, with Lunar Crush reporting that Filecoin touched its 24hr ATH in social engagements.

The social intelligence network revealed that 24hr engagements touched 27.8 million. That indicated that the FIL community remained highly interested in the platform upgrade. Moreover, it showed investor contentment with the development according to reactions on Filecoin’s Twitter handle.

Although the update, Filecoin could not record a substantial positive response. Santiment data showed the token’s positive sentiment remained low at 3.2168. Moreover, the negative bias stayed at the 1.719 low.

Nonetheless, the metrics show investors perceived FIL as worthwhile during this publication. Meanwhile, the negative sentiment wasn’t less than 0.7. That showed that the lucrative response wasn’t enough to curb the former’s effect.

Evaluating Impact

Santiment data shows Filecoin dropped 0.92% within the past 24 hours. Meanwhile, the social surge hasn’t turned into a clutch for more FIL holdings. That’s because the daily trading volume stood at $165.85 million. As this stayed far from upticks, FIL may prefer a continued downtrend.

Surprisingly, this data represented a reverse reaction to the phase when it remained the ‘token of the day.’ Considering the prevailing on-chain status, FIL investors may fail to enjoy a FIL surge. Moreover, market rally chances remained low. Nevertheless, the community trusts the latest upgrade didn’t favor the blockchain.

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