The latest and current Filecoin (FIL) token offering is to create controversy because some of the community members in crypto allege that an unknown account has suddenly got 1.5 million tokens and that too when around 500,000 were remaining to unlock. As per the latest reports, around 800,000 tokens from the 1.5 million tokens were being transferred to Huobi and various other exchanges.

As per the website of the Chinese language, 8btc.com is an unidentified representative named Filecoin who insisted that the decision was taken for helping and stabilizing the rates in the time period after getting the list out.

The representative says -

It is for building an independent market maker for helping and maintaining a stable cost at the beginning stage of the project, as the rates are now the most unstable. And along with this, all these coins are not the sell-off of FIL according to the Filecoin.

According to part of all the plans, FIL tokens were actually sent to various other exchanges besides Huobi. Meanwhile, the team of Filecoin also mentioned in a blog - “the network has now got into a post-launch monitoring time duration to assure the network is working smoothly.” The blog also adds that the “network is now stable and all community members are working successfully.”

Token Price Tanks

Apart from this plan, the Filecoin token has seen its cost tank after listing a few hours. It seems the envisaged strategy of stabilizing just failed to stop the price of the token from dropping. According to the Binance trading data, the token was opened at $200, but it suddenly was dropped to around $42 at the writing time. It is a really very sharp drop from the initial opening price that suddenly prompts impropriety complaints and allegations.

Crypto Business World

CBW - External Analyst

INDIA