NewsletterFilecoin Price Skyrockets 25% On FVM Launch, Binance Announces Support
Filecoin price skyrocketed 25% on Monday ahead of the Filecoin Virtual Machine (FVM) launch. The FVM will be deployed on the Filecoin mainnet at epoch 2,683,348, estimated at 15:14 UTC on March 14.
According to an official announcement on March 13, crypto exchange Binance will support the Filecoin network upgrade termed “Network v18 Hygge”. The exchange will suspend deposits and withdrawals of Filecoin (FIL) at 14:30 UTC on March 14.
Users can continue to trade FIL as trading is not impacted during the network upgrades. After the upgrade is successful, Binance will reopen FIL deposits and withdrawals.
The Filecoin Virtual Machine (FVM) will bring smart contracts and user programmability to the Filecoin blockchain, making it a fully-fledged L1. The interoperability with the Ethereum Virtual Machine (EVM) will enable Filecoin to support multiple VMs after the upgrade. It will help unleash the enormous potential of an open data economy.
CoinGape earlier reported that the FVM will empower more people to create and capture value around data. Eventually, FVM will unlock the development of applications, markets, and organizations. The Ethereum-compatible FVM will also help decrease user gas fees and increase transaction speed, as well as, boost the adoption of DeFi.
The community can watch the Filecoin Virtual Machine launch live on Filecoin’s YouTube channel.
Also Read: Breaking: Binance Converts $1 Bln In Industry Recovery Initiative To BTC, ETH, BNB
Filecoin Price Pumps Amid Massive FVM Launch Support
Filecoin price is currently trading at $5.81, after losing earlier gains today. The 24-hour low and high for FIL price are $4.89 and $6.23, respectively. Thus, it has increased by 27% in the last 24 hours.
Moreover, the trading volume has jumped over 120% in 24hrs, indicating a rise in interest among traders. In February, FIL price hit a high above $9 on the Filecoin Virtual Machine launch and pump in coins related to China.
Also Read: JPMorgan Among Big Banks Bidding To Acquire SVB, But There’s A Catch
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Kalshi, Robinhood and Crypto com Face Cease & Desist Order in Connecticut
- First Chainlink ETF Sees Massive Investor Activity with $41M in Inflows on Launch
- $12T Charles Schwab to Launch Bitcoin and Ethereum Trading in Early 2026, CEO Confirms
- Senator Tim Scott Floats December 17 and 18 For Crypto Market Bill Markup
- BlackRock CEO Larry Fink Admits He Was Wrong on Bitcoin as IBIT Hits New Milestone
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
- Bitcoin Price Prediction: Will Next Bull Run Push BTC to $100,000?
- Pepe Coin Price Risks 80% Crash as Alarming Pattern Forms and 6.5T Inflows
- Chainlink Price Surges 20%: What’s Driving Massive Upswing?
- Solana Price Poised for 25% Rally as ETF Inflows Surge Past $650M
