Pack Your Bags: Filecoin Crypto Surges 300% Intraday Following Mainnet Liftoff

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:07 pm

2 mins read

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The cryptocurrency market is known for some strange occurrences and insane rallies, especially during a bull market. In a flashback to almost four years ago during the crypto bubble, Filecoin, an ICO funded back in 2017 just launched its mainnet and immediately saw 3x returns.

Is this a sign the bull market is back for crypto assets or is Filecoin a project packing something special that attention must be paid to? Find out why FILUSD soared as high as 297% on launch day, taking those whose bags were packed to the moon and back.

To The Moon And Back In Minutes: Filecoin Does 3x Rally, Drops 50% Intraday

During the peak exuberance of the crypto bubble, “moonboys” were buying up altcoins in hopes of finding the next Bitcoin or Ethereum. ICOs were bought up by the dozen for this very reason, but it ultimately left investors burned except in rare cases.

ICOs and even Ethereum the tokens were built on fell as much as 90% or more after the bubble popped, and very few of those ICOs survived. Filecoin, however, a project created that back then within 30 minutes raised $200 million.

Related Reading | The Great Ethereum Debate: DeFi Versus ICOs

Fast forward to today, and Filecoin’s mainnet has just launched causing the asset’s price to rise almost as fast as funds were raised in August 2017.

📂 Filecoin is coming…

get ready for #FilecoinLiftoff

October 19-23https://t.co/8m58KD6qJI pic.twitter.com/vz3B3dSsx6

— Filecoin (@Filecoin) October 15, 2020

The relatively young crypto token has ballooned from around $30 per FIL at the time of its listing on Gemini and Kraken, to as high as $120 at the peak.

Volatility already has prices falling back to roughly $70 per FIL currently, but because prices are changing so rapidly, by the time you read this it will have changed 20% or more several times.

Filecoin Debuts To Immediate 3x Rally, Falls Back Almost 50% | Source: FILUSD on TradingView.com

Cryptocurrencies are volatile by nature, but when they debut to such a buying frenzy, valuations can skyrocket quickly. Filecoin was the fastest newly launched crypto project to reach a $1 billion valuation, for example.

Crypto industry pioneers say the project is “valuable” which is a rare nod in such a jam-packed and competitive marketplace. It is a protocol designed to support decentralized data storage sharing, built by Protocol Labs on top of InterPlanetary File System.

Currently, the platforms at which Filecoin trades on are few and far between, but following this recent trip to the moon, it is bound to be listed elsewhere – especially if the hype and momentum sustains.

Featured image from Deposit Photos, Chart from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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