Filecoin has increased its gains over the past few days after news broke of a high-profile partnership.

In a tweet posted on July 27, Filecoin Foundation confirmed details to support Harvard’s Library Innovation Lab (LIL).

The news led to a meteoric rise for the FIL token as social activity accelerated. Consequently, FIL jumped up to 80% last week on the support of social and market activity.

At its peak, FIL reached $9.8 on July 31, but has since crashed to $7.97.

Filing of declarations

LIL will explore how decentralized and open web technologies can advance the discovery and preservation of human knowledge.

Marta Belcher, President of the Filecoin Foundation for the Decentralized Web (FFDW), said in the announcement:

“FFDW’s mission is to preserve humanity’s most important information. This collaboration will allow the Library Innovation Lab to explore how decentralized technologies can solve real-world challenges for the preservation of critical data, and we are excited to support the library’s open knowledge democratization program.

This update accelerated Filecoin activity as it was channeled by a general upturn in market sentiment. According Lunar crushFilecoin achieved “#1 AltRank out of the top 3,824 coins on the market with a solid weekly average rank of 101”, albeit briefly.

Interestingly, social mentions increased to 2.5,000, while social engagements also showed growth as they reached 13.86 million.

The social dominance of the token has also improved. The metric peaked on July 26 at 2.62%, just as the price hike was about to take off.

Source: Santiment

Filecoin’s surge has raised a few eyebrows, but this appears to be a “fake pump” and the token is unlikely to continue its momentum.

This manifested itself in the 25% decline that followed on August 2. In fact, the volume has decreased by 42% in the meantime. Can FIL still surprise investors as the global market undergoes a relief rally? Well, only time can answer.