Why is Filecoin ($FIL) Still Popular?
Old & Dusty or Gold & Trusted
If Filecoin is old and finished like some people are saying, why is it still in the top 25 tokens by market cap? That’s what we are going to answer in this Filecoin ($FIL) deep dive.
Since October 2022, the project’s token, $FIL, has been very slowly losing value
From an all-time high of $237.24 to a current price of around $10, FIL has been on a wild ride over the past 3 years
FIL’s price doubled between February and March of 2024
Only 35% of Filecoin has been unlocked so far, showing that the project has a long-term vision and scope
Why Should You Care About Filecoin?
Filecoin is becoming relevant again. After being one of the big boomers of the 2021 bull run, making many millionaires along the way (rumours are that it's mostly the Chinese investor community), it then faded into the background and quietly went into development mode.
Now, it’s resurgent, and many think it’s ripe for a price explosion. Currently around $10 at the time of writing, experts think $20 in the short term is more than achievable. So, what factors are making this decentralized blockchain-based storage system interesting again?
Daniel Chung, the co-founder of Syncracy Capital, says that “Filecoin goes beyond a simple storage system by having computational and mining functions”. He believes it offers considerable potential in the field of artificial intelligence thanks to its robust networked data centers.
Ah, AI, that’s why it’s relevant again. Crypto-AI is booming, and Filecoin is getting some good price action because of it. Is it?