Filecoin 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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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