FIL Price: Filecoin (FIL) Price Jumps 16% Amid Sushi DEX Integration

Filecoin (FIL) Price Jumps 16% Amid Sushi DEX Integration, What’s Next?

November 13, 2023

Bhushan Akolkar

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

FIL, the native cryptocurrency of the decentralized storage platform Filecoin, is making big moves gaining 16% in the last 24 hours and shooting all the way to $5.5 levels. Amid the current rally, FIL has extended its weekly gains by more than 32% and monthly gains by close to 70%.

FIL Price Rally

Popular trader Naemrr explains that the FIL price rally is likely to continue further after the recent technical breakout. $FIL has recently surpassed the golden pocket level in our weekly Fibonacci analysis. The golden pocket, a vital Fibonacci retracement zone, signifies a significant shift in price action. This breakthrough is an encouraging indicator, prompting caution as we anticipate the possibility of substantial price surges beyond this level, he noted.

It is very likely that this FIL price rally can continue all the way up to $10 going ahead.

Decentralized Exchange Sushi Launches on Filecoin

Another major reason supporting this FIL price action is the launch of decentralized exchange (DEX) Sushi on the Filecoin blockchain.

Filecoin, the world’s largest decentralized storage network, has achieved a significant milestone by integrating Sushi, a prominent decentralized exchange (DEX). This marks the first instance of a DEX operating on the Filecoin network.

The integration includes the introduction of Sushi’s version 2 and version 3 automated market makers (AMMs) featuring concentrated liquidity pools on Filecoin. This development enables direct trading and liquidity provision. Furthermore, Sushi’s cross-chain swap feature, SushiXSwap, extends to Filecoin, facilitating seamless token swapping across Filecoin and more than 30 other networks, streamlining the user experience without the need for bridging or native Filecoin tokens.

The partnership between Sushi and Filecoin not only strengthens Sushi’s position in the multi-chain and cross-chain space but also encourages users and developers to explore Filecoin’s decentralized storage capabilities. Laconic.com played a crucial role by providing essential subgraph index hosting services to make this collaboration possible.

To celebrate this integration, the “Filecoin x Sushi Bomb Diggity NFT” is being introduced as part of the “Sushi Multi-Chain Feast” Campaign. This limited edition NFT, minted on the Arbitrum network due to Filecoin’s current non-integration with Galxe, serves as a commemoration of the collaboration and is accessible to participants who fulfill specific tasks.