News

Filecoin Price Finally Bounces: Could DEPIN Stage Major Recovery?

By Isaiah Mccall

Last Updated: Sep 3, 2024

Fact checked

By Sam Cooling

Filecoin price has finally bounced, and now analysts suggest that FIL price could lead a wider recovery in the DEPIN crypto sector.

Filecoin price has finally bounced, and now analysts suggest that FIL price could lead to a wider recovery in the DEPIN crypto sector – here’s why.

Filecoin (FIL) just hit a massive achievement, crossing the threshold of 15 exbibytes in storage, marking a big win in decentralized storage.

This leap cements its crucial spot in supporting digital frontiers like NFTs, the metaverse, and decentralized AI.

Revolutionizing Storage with Filecoin Virtual Machine

The launch of the Filecoin Virtual Machine has electrified its ecosystem, pulling in DeFi, NFT, and dApp projects like moths to a flame.

It’s steadily become a smart pick for those chasing robust storage solutions.

(CoinGecko)

Filecoin has also recently doubled down on sustainability with Filecoin Green, slashing its carbon footprint.

Meanwhile, real-world use cases like the Democracy Library uploading over a petabyte of data prove its mettle in vast storage demands.

Another shocking usecase for the project has been storing U.S. government files. With 500 terabytes of U.S. government data under its wing, Filecoin has cemented its role as a dependable vault, expertly preserving vital information with unmatched security.

Market Performance and Future Outlook

Filecoin’s tech might be cutting-edge, but its market story is rocky. Trading at $3.38, FIL’s taken a 4.46% hit recently, dragging its market cap below $2 billion.

While its role in decentralized storage is promising, investors have had serious volatility since March 2024.

If the bull market is able to launch from Federal Reserve rate cuts in September, 99Bitcoins analysts see FIL bouncing from a low of $3.28 to a high of $8.24, with an average around $6.88 by year’s end.

As we project further into the future, FIL’s price predictions suggest an upward trajectory, with potential highs reaching $30 by 2030 as the need for data storage increases.

Filecoin’s Expanding Horizon

Hitting the 15 EiB storage milestone, Filecoin is creating a monopoly in its narrative, one that doesn’t have too many competitors.

Armed with the Filecoin Virtual Machine and eco-friendly initiatives, it’s set to impact various sectors. Market bumps aside, Filecoin has a bright future ahead.

Read More: Crypto Industry Accounts For Nearly Half Of Corporate Election Spending

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Free Bitcoin Crash Course

  • Enjoyed by over 100,000 students.
  • One email a day, 7 days in a row.
  • Short and educational, guaranteed!

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Google News Icon
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Disclaimer Icon
Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Isaiah Mccall
Isaiah Mccall
Crypto Analyst

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

Back to top