Is Filecoin Dead?

Is Filecoin Dead? 😵

The worlds first decentralized storage system that aims to “store humanity’s most important information.” Has seen a notable uptick of $237 as of 2021 but as of the time of writing, Filecoin is trading at $2.90.

After raising $205 million in an initial coin offering (ICO) in 2017, Filecoin was embraced by the public as the first decentralized storage platform but ever since the surge to an ATH (All time high) of $237, Filecoin drastically decreased in value losing about 90% of total value.

So is Filecoin dead? ☠️
The answer is a big NO. 😒
Filecoin is very much alive because it is open-source and decentralized, which means that all governance is in the hands of the community.

Which brings me to my recent post about community being the utility.

Filecoin understood the value and importance of the community that is why for over 7 years they have prioritized their community more than the token itself.

The only reason Filecoin isn’t performing well is the fact that the community have not realize Filecoin is governed by them ! 🤣

On the Filecoin platform, developers have the opportunity to create cloud file storage services like Dropbox or iCloud.

Anyone can join Filecoin and start storing their data or earn money by providing space for someone else's funds.

The creators of Filecoin opted for their blockchain technology to run the network and their token with their own consensus.

But then why do we need a decentralized storage system? 🤨

1️⃣ Data Ownership & Privacy: Unlike centralized storage, decentralized systems ensure you control your data. No big tech snooping or single-point failure risks! 🔒

2️⃣ Cost Efficiency: Decentralized networks use unused storage globally, making it cheaper and scalable compared to traditional providers. 💾

3️⃣ Resilience & Redundancy: With files spread across nodes worldwide, your data stays safe, even if some servers go down. 🌍

From the aforementioned points above, you will agree with me that Filecoin is here to stay with such intriguing and innovative features.

💎 We have always look forward to a project woven with utility, driven by the community. In my opinion until i change Filecoin offers both.

Technical outlook
As of the time of writing, the FIL coin is down 11%. This is, however, in tandem with the general crypto landscape. as we saw BTC dip to 91k and ETH to 2k. The general crypto landscape is in a bloodbath even as pro-crypto president Donald Trump is elected. For Filecoin, immediate support lies in the 1-month low; however, in the case of extreme selling pressure, the FIL coin might dip to as low as $2.114, a level that aligns with the 23.6% fib extension level. Similarly, if a trend reversal should occur, the pivot point lies in the 38.2% fib retracement tool. A breakout above that zone could result in a bullish run.