Filecoin (FIL) Surges 30% Amid Massive Short Squeeze

Analysts attribute this rapid Filecoin price action to a "short squeeze," whereas short positions holders were forced to close their positions in tandem, resulting in a spike in buying volume. Short squeezes often take place when the funding rate of a futures market is extremely negative, forcing investors out of their positions.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Filecoin Surges More Than 50% From Its Lows From the lows of $21 earlier this week, Filecoin has surged more than 50%. Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin Fud Dispelled This rally comes after the "FUD' was dispelled over a purported "miner strike" in the Filecoin ecosystem.

Timeline of Bitcoin, Filecoin