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Can FIL now bottom out?
The key depends on two points: whether the market makers are still playing, and what the mining cost of FIL is.
The past of FIL: From peak to trough, FIL was once a project with a solid foundation. In 2017, under the lead of Sequoia Capital, it became the first blockchain project to receive public fundraising approval from the SEC in the United States, with a very pure "pedigree."
But the problem arose: the founder, Juan, is a well-known "dove," and the mainnet was delayed for four years before going live, leaving many investors anxiously waiting. When the mainnet launched in October 2020, FIL's price hovered around $20 for a while. Although the increase was not explosive, it had already multiplied ten times compared to the ICO average price of $2.
By 2021, FIL entered the golden age of "miner hype + frenzied market speculation," with a surge in miner demand, and staked coins being wildly purchased, directly pushing FIL's price to the historical peak of $238. At that time, FIL was flourishing, and elderly people across the country were trading FIL, feeling that not buying FIL was like missing out on financial freedom.
However, after the peak, FIL began a year-and-a-half-long "free fall." FIL has now dropped to $2.8, down 99% from its historical high, equivalent to nearly zero.
Mining operators have run away, miners are in turmoil, and FIL has transformed from a former star in the cryptocurrency world into a joke, with retail investors gritting their teeth and calling it a worthless coin. So, is the current price of $2.8 a good opportunity to bottom out, or is it catching a falling knife? Are the market makers still in the game?
Whether FIL can rise depends on whether the market makers are still active. Looking back at FIL's history, you will find that the market makers are quite skilled at playing tricks.
The significant rise in 2021—miners and large funds collaborated to hype it up, creating a peak, and after pushing it to $238, they dumped and ran. From 2022 to 2023, it experienced a steady decline—after the market makers finished harvesting, they stopped buying, and the price fell to just a few dollars. In early 2024, a slight rebound occurred—markets began speculating on AI and the storage sector, leading to a brief recovery for FIL, but it still struggles to return to its peak.
Have the market makers completely given up on FIL, or are they waiting for the next harvesting opportunity? This is key to judging FIL's future trend. Currently, although FIL is hovering at the bottom, the team behind it is still active and has not directly run away.
Moreover, there is still demand in the Web3 storage sector, especially with the potential growth in demand for decentralized storage in the AI era, which might be FIL's only chance for a comeback.
The key depends on two points: whether the market makers are still playing, and what the mining cost of FIL is.
The past of FIL: From peak to trough, FIL was once a project with a solid foundation. In 2017, under the lead of Sequoia Capital, it became the first blockchain project to receive public fundraising approval from the SEC in the United States, with a very pure "pedigree."
But the problem arose: the founder, Juan, is a well-known "dove," and the mainnet was delayed for four years before going live, leaving many investors anxiously waiting. When the mainnet launched in October 2020, FIL's price hovered around $20 for a while. Although the increase was not explosive, it had already multiplied ten times compared to the ICO average price of $2.
By 2021, FIL entered the golden age of "miner hype + frenzied market speculation," with a surge in miner demand, and staked coins being wildly purchased, directly pushing FIL's price to the historical peak of $238. At that time, FIL was flourishing, and elderly people across the country were trading FIL, feeling that not buying FIL was like missing out on financial freedom.
However, after the peak, FIL began a year-and-a-half-long "free fall." FIL has now dropped to $2.8, down 99% from its historical high, equivalent to nearly zero.
Mining operators have run away, miners are in turmoil, and FIL has transformed from a former star in the cryptocurrency world into a joke, with retail investors gritting their teeth and calling it a worthless coin. So, is the current price of $2.8 a good opportunity to bottom out, or is it catching a falling knife? Are the market makers still in the game?
Whether FIL can rise depends on whether the market makers are still active. Looking back at FIL's history, you will find that the market makers are quite skilled at playing tricks.
The significant rise in 2021—miners and large funds collaborated to hype it up, creating a peak, and after pushing it to $238, they dumped and ran. From 2022 to 2023, it experienced a steady decline—after the market makers finished harvesting, they stopped buying, and the price fell to just a few dollars. In early 2024, a slight rebound occurred—markets began speculating on AI and the storage sector, leading to a brief recovery for FIL, but it still struggles to return to its peak.
Have the market makers completely given up on FIL, or are they waiting for the next harvesting opportunity? This is key to judging FIL's future trend. Currently, although FIL is hovering at the bottom, the team behind it is still active and has not directly run away.
Moreover, there is still demand in the Web3 storage sector, especially with the potential growth in demand for decentralized storage in the AI era, which might be FIL's only chance for a comeback.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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