The FVM excitement that has been building for so long ended on Tuesday, March 14, when the Filecoin Virtual Machine (FVM) was fully launched on the mainnet.
The passion can be seen in the Filecoin community as the price of FIL coin continues to rise after Saturday night. Filecoin investors celebrated the FVM launch day, as a result of which, FIL surged almost 20% on March 14 but failed to sustain the daily high.
A Significant Feature of Filecoin Virtual Machine (FVM)
After the upgrade, the Filecoin network allows developers to use smart contracts on the blockchain and extend programmability through the Filecoin virtual machine.
The Filecoin community recorded a new milestone in its roadmap as its virtual machine launch offers the open data economy for Web3.
As per Filecoin, “the launch of FVM kicks off the final step in the Filcoin Masterplan, which aims to bring large-scale computation and the ability to power web-scale apps to the world’s largest decentralized storage network.”
The FVM launch adds smart contracts and user programmability to the Filecoin blockchain, unlocking the enormous potential of an open data economy. It maybe used for decentralized social media, monetizing datasets and creating NFTs with stronger image availability guarantees.
FVM Launch led to FIL Token Price Rally
Due to the selling pressure on the crypto market, the FIL token was underperforming from February 19 to March 11. But the official announcement of the FVM launch via Twitter has led the crypto rally so far.
As a result, the price of Filecoin has increased by almost 40% in the last four days. Notably, on Tuesday, the FVM launching day, the FIL coin registered a monthly high at $7.59, but the bulls failed to sustain this level.
Thus, the FIL coin is trading at $6.84 against the US Dollar at the time of writing. Investors saw overnight gains of almost 9% in a market capitalization of $2.76 billion.
On the daily time frame, FIL has observed 20, 50, 100, and 200 DMAs, showing strong bullish momentum. But the daily RSI is yet to reach the oversold zone, so the buyers still have the opportunity to buy Filecoin.
Also read: Filecoin Foundation & Lockheed Martin to Deploy IPFS in Space
