Filecoin (FIL), the decentralized storage network, has made a strategic move by integrating SushiSwap (SUSHI) as its first Decentralized Exchange (DEX). This integration involves both the SushiSwap v2 and v3 Automated Market Maker (AMM), allowing users to conduct cross-chain transactions across 30 different blockchains on the Filecoin network.
SushiSwap, known for its innovative AMM functionality, experienced a notable increase in DEX volume, surging by 95.84% in the last seven days according to DeFiLlama. This rise suggests increased user activity and liquidity within the SushiSwap ecosystem.
In terms of price action, SUSHI recorded a 77.89% 30-day increase but saw a 15.94% dip in the last seven days, potentially attributed to profit-taking by investors. Meanwhile, FIL, benefiting from the Filecoin-SushiSwap integration, demonstrated a 12.57% increase, reaching $4.50.
A technical analysis using the Exponential Moving Average (EMA) indicated a potential short-term increase in FIL’s price, given the bullish trend signaled by the 20 EMA above the 50 EMA. However, the Relative Strength Index (RSI) suggested a waning buying pressure, indicating a likelihood of a FIL pullback before another uptrend.
Active addresses on SushiSwap have been on the rise since November 8, suggesting a revival in transactions within the network. With the Filecoin integration, this trend is expected to continue, potentially leading to an increase in 24-hour active addresses.
On the social front, Filecoin has gained recognition and attention, reflected in its rising social dominance, currently at 0.142%. This surge in social dominance may indicate a short-term market peak for FIL, prompting caution among participants looking for quick profits.
As Filecoin expands its ecosystem through strategic integrations like SushiSwap, investors are advised to monitor both technical indicators and social metrics to make informed decisions in this dynamic market.
