Filecoin (COIN: $FIL) was built as a decentralized storage system. Launched in 2020, it raised $205 million via an ICO within 30 minutes in 2017. Recently, the project has experienced a massive pump, rising over 60% in the past week. Let us dive deep into why FIL is exploding.
A Brief History of Filecoin (COIN: $FIL)
Filecoin is a blockchain-based platform that lets users rent out excess hard drive space to store encrypted data. Those who use the storage space can pay for it in FIL. Miners that provide the storage and retrieval service receive FIL tokens as rewards.
The project was founded by computer scientist Juan Benet in 2014. Benet is also behind the Protocol Labs research and development lab. His vision is to create a global decentralized storage network that addresses the challenge of storing large amounts of data efficiently and securely.
Since its launch, the Filecoin project has attracted a large community of miners, developers, and users who contribute to its growth.
Planned Upgrades
One of the drivers of Filecoin’s recent surge is the RetroPGF-3 initiative. 500,000 FIL, worth millions of dollars, were dropped into over 200 ecosystem projects. This fund injection helped to restart development and boost on-chain activity. Additionally, Filecoin has announced serious partnerships with Solana, MIT, and the Smithsonian, helping to bridge the gap between culture, research, and the blockchain.
Another important development was the v26 upgrade, which cut gas fees by half, making transactions more affordable. Since then, new daily deals have risen by 25%, and overall network use has increased by about 30%.
The upcoming Filecoin developer summit has also been a source of excitement. It will run from November 13 to November 15, 2025. After that, there is the DePIN Day event on November 18 in Buenos Aires. Both of these events will serve as platforms for the launch of new updates like the Proof of Data Persistence (PDP) and the Filecoin Virtual Machine (FVM). These updates will make the network more scalable and increase its utility beyond encrypted, decentralized storage.
Filecoin (FIL) Market Performance
Looking at the data, FIL recently broke out of a huge falling wedge that has been building for nearly two years. The clean break above the trendline, and the increase in network activity and trading volume could push FIL to a new 2025 high.
The token is currently trading at $2.82, a 65.9% rise in the past week. Over the past 24 hours, the FIL token has dipped 1.4%. It briefly rose to $3.56 earlier on Saturday, November 8, 2025, but has since pulled back as investors take profit.
The trading volume remains strong at $3.3 billion in the past 24 hours, far surpassing its current market cap of $1.99 billion. That signals there is still more potential upside in the medium term. Analysts remain bullish, with some optimistic estimates forecasting a rise to $5.
Is Now The Time to Buy FIL Tokens?
With the 2025 token unlock period finally over, the supply of FIL is now slightly deflationary, meaning fewer new tokens are entering the market. Coupled with the planned updates at the tail end of 2025, adding FIL to your portfolio could potentially lead to some positive results in the medium term.
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