Factors that Determine the Rise and Fall of FIL Coin (Reasons for the Sharp Decline in FIL Coin)

08/11/2023 02:02 • Metaverse Matters • 66 views

The rise and fall of FIL coin depends on several factors. According to an article from Hellobtc (ID: hellobtc) and authored by a contributor named “一棵杨树”, which was authorized for reposting by Odaily Star Daily, the main reason for Filecoin’s upcoming launch is the positive and confident attitude of the miners towards Filecoin. From September 2017 to June 2019, Filecoin’s ecological development and operation have matured and gradually improved to a certain extent.Currently, the price of Filecoin is gradually approaching its peak, with the FIL price reaching almost $1. However, according to the data from the FIL website, only 0.0002 Chinese yuan of FIL is currently available in circulation, which means that there is no cryptocurrency available in the market for use as a means of payment, not even like Bitcoin. Therefore, although many exchanges have chosen to trade this digital currency, this situation has caused several problems, such as poor user experience and high system maintenance costs.So, what factors have contributed to the significant surge in Filecoin’s price? First, it depends on the level of support provided by the official team behind Filecoin and their strength. Second, if the media reports on the IPFS technology itself or its functionality align with the current market needs and trends, it can also impact Filecoin’s price. Additionally, the recent promotional efforts for Filecoin have been highly effective, with many people advocating its ability to solve network bandwidth resource wastage issues. As a result, once Filecoin’s code is written into its smart contract, investors can earn profits, which are expected to last for a long time. This becomes one of the main reasons why investors speculate on Filecoin and why it attracts a significant amount of investment, thereby promoting the healthy development of the entire industry.Lastly, it is crucial to consider Filecoin’s future development direction. As most people know, Filecoin was launched in 2018 as an experiment for a decentralized storage project. Its purpose was to help people make better use of the advantages of distributed data storage platforms by converting idle storage space into valuable storage methods. The goal of Filecoin is to build a new internet infrastructure with distributed storage service providers as the main driving force. However, after these companies establish decentralized service infrastructures, they need to create dedicated data structure layers to meet their business and target market demands. These data structure layers must be closely integrated since the core functions of the two differ significantly.

Reasons for the Sharp Decline in FIL Coin

According to a report from CCN, just a week after the launch of Filecoin’s mainnet, FIL experienced a sharp drop from $6 to a low of $4. According to Filfox browser data, among the top 100 cryptocurrencies by market capitalization, 12 showed an increase. FIL had the highest increase with a growth rate of 14.78%, followed by XMR and ZEC with declines of 11.92% and 8.59% respectively. Other currencies, such as ADA, BCH, and XLM, were also affected.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/08/11/factors-that-determine-the-rise-and-fall-of-fil-coin-reasons-for-the-sharp-decline-in-fil-coin/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.