Analysis of Filecoin (FIL) December 2024
1. Trading trends and market performance
As of mid-December 2024, the 24-hour trading volume of $FIL reached approximately $425 million, indicating a relatively high level of liquidity in the market. The price of FIL currently fluctuates around $6.57–$6.83, significantly lower than the ATH ($236.84 in 2021), reflecting a strong correction in the cryptocurrency market in recent years.
• The demand for decentralized storage on the Filecoin network continues to surge, with total storage capacity reaching over 1,381 PiB by the end of Q3 2024, nearly 10 times higher than at the end of 2022. This demonstrates the long-term potential of the project.
2. New policies and technologies
• Filecoin EVM (FEVM): The launch of the Filecoin Ethereum Virtual Machine (FEVM) has facilitated developers in building decentralized applications on the Filecoin platform. FEVM has recorded over 2,000 smart contracts deployed and nearly 1.6 million transactions since its launch. This helps the Filecoin network attract more investors and users.
• Staking and mining FIL: FIL staking programs have been implemented to support storage service providers, offering rewards and increasing network stability.
3. Challenges and opportunities
• Short-term pressure: The project has faced negative news, including an investigation involving some members of the development team. This somewhat affected market confidence and caused the price of FIL to drop over the year.
• Long-term opportunity: Filecoin is in a strong position due to the continuously increasing demand for decentralized data storage and the ability to create a transparent, decentralized, and more secure storage market compared to centralized systems.
Conclusion
$FIL is in the accumulation phase around the $5–$7 level, supported by technological factors and strong usage demand. With a long-term development orientation and technical improvements like FEVM, Filecoin has great potential if the overall cryptocurrency market recovers. However, investors should consider short-term risks before making decisions.
