Let's talk about FIL, can it be bought now? The key lies in these two points: whether big funds are still playing, and how much it costs to mine FIL.
Back in the day, FIL was a prominent project, backed by Sequoia Capital, being the first blockchain project to get approval for public fundraising in the U.S., very authentic.
But here's the problem, the founder Juan is famously known as the 'Pigeon King'. The mainnet was launched after waiting for four years, leaving many investors anxious. It finally launched in 2020, and the price was hovering around 20 dollars. Although it didn’t skyrocket, it has increased tenfold compared to the initial issue price of 2 dollars.
By 2021, FIL was incredibly hot, miners were hyping it up, and in the secondary market, everyone was fighting fiercely, and the price skyrocketed to 238 dollars. At that time, not buying FIL felt like missing out on billions.
But the good times didn’t last, and FIL started to decline all the way down to 2.8 dollars now, which is a significant drop compared to its peak.
So, now at 2.8 dollars, is it a good opportunity to pick up cheap, or a fire pit to take over? Are big funds still playing in it?
When it comes to whether FIL can rise, the key lies in whether big funds are still in it. Looking back at FIL's history, the rise and fall of this coin has been played by big funds systematically.
The surge in 2021 was driven by miners and big funds working together to pump up the price and then running away when it reached the peak. After that, it fell all the way, as big funds completed their harvesting and didn’t take over.
Whether big funds have completely given up on FIL or are waiting for the next harvesting opportunity is the key to whether FIL can rise in the future.
Looking to the future, there is still demand in the Web3 storage space, especially in the AI era, decentralized storage might become more sought after, which could be an opportunity for FIL to turn things around.
But speaking of which, opportunities come with risks. Whether FIL can seize this opportunity depends not only on the big funds but also on whether the team has real capability to keep up with the market's rhythm.
Next, I will prepare some coins suitable for bottom fishing as a recovery plan. If you feel lost and helpless, leave a message for me to see you; choices are greater than efforts!
