Can Filecoin Reach $1,000, $100?Filecoin Price Prediction 2023-2030?
The Latest Price of Filecoin
Filecoin Latest News
- A three-week online hackathon beginning on August 30th, focusing on web3 and open data innovation.
- Launching the FVM Genesis Accelerator, one of the first web3 accelerators emphasizing the blend of Web3 and AI. It comprises two programs starting in mid-October, with applications open until September 30th.
- Alongside Protocol Labs and Supranational, DSA released new software to optimize data onboarding for the Filecoin network. This will lower costs and promote decentralized storage adoption.
- A partnership to augment Filecoin’s storage capacity, initiated by a $500,000 investment. They aim to democratize data storage with a crowdfunding campaign starting on August 10, 2023.
- Revealed a whitepaper detailing its decentralized edge platform, integrating IPFS/Filecoin and emphasizing content addressing.
- A virtual hackathon from August 11 to September 1, with rewards up to $63k, focusing on decentralized funding ecosystems.
- Lava Network’s collaboration with Protofire-Glif to discuss Filecoin infrastructure.
- A review of Filecoin’s potential in AI, computational challenges, and opportunities, including the development of “computer-over-data” networks and the Interplanetary Consensus framework.
- Introduced guidelines for CC sector upgrades and a new HTTP Gateway functionality to booster-http for Filecoin storage providers.
- FIL Vegas from October 3-5 in Las Vegas, spotlighting storage providers and the future of data storage.
- SBS-Earth Virtual Event on August 16, merging technology with sustainability in a virtual setting.
To understand Filecoin forecasts better, let us explore if Filecoin is a Good Investment. Also check the price of the crypto here.
Filecoin Price Prediction: Is Filecoin a Good Investment?
Filecoin solves the problem of storage by providing access to millions of storage devices (Peer to Peer networks) around the globe. Storage devices could include your personal computer or something more dedicated only to this purpose.
Storage providers earn Filecoins for storing files of other people. The blockchain is used to track and validate these storage-related transactions including whether the providers are storing the files correctly.
In the year 2021, Filecoin had 3600 storage providers. According to the latest Messari report
Filecoin has served 1,610 clients and onboarded 1.2 EiB (Exbibyte) of data so far. The featured clients include notable organizations like the Internet Archive, SETI, the University of Utah, the University of California Berkeley, GenRAIT, CERN, Solana, OpenSea, and more.
Some featured case studies from the platform include:
- GenRait: The company uses the Filecoin network as its default archive for non-sensitive genomics and scientific research data, which has allowed its scientists to focus more on data analysis rather than management.
- UC Berkeley: The university’s Underground Physics Group has partnered with Seal Storage (a decentralized cloud storage product built on Filecoin) to store their neutrino physics research data, providing verifiability and support for their novel detection technology.
- Starling Lab: In partnership with the USC Shoah Foundation, they have created an immutable archive of Holocaust survivor testimonies on Filecoin.
- Internet Archive: They are utilizing Filecoin to store a decentralized copy of their entire archive, making it censorship-resistant. Their latest project involves digitizing historical films.
- NFT.Storage: This service uses Filecoin to enable developers and NFT applications to protect their virtual assets and metadata. It has stored over 90 million of the world’s most popular NFTs.
- OpenSea: This leading NFT marketplace uses Filecoin to provide seamless media file upload experiences for its creators.
Filecoin is better than Amazon AWS or Google Cloud in Pricing on Filecoin due to it being an open market for providers.
FIL is the native token of the Filecoin network and it is a deflationary asset i.e., FIL tokens are burnt to pay the network fees. To date, 359,805,544 FIL tokens are in circulation. Following are the two use cases of the FIL tokens:
- FIL tokens are used for the purpose of paying fees on the Filecoin network.
- These tokens are used to incentivize the users for ensuring that the data is stored reliably.
Who are the key competitors of FIL apart from traditional cloud storage providers? -Arweave, STORJ, SIA etc.
Here is how Filecoin has performed over the last 5 years
- 2020: (-56.7%)
- 2021: +59.1%
- 2022: (-91.7%)
Filecoin $FIL is currently priced at the same levels as it was in 2019.
It appears FIL is making great strides in terms of solving the consumer problem. However, protocol revenue must grow even faster for FIL to start recovering. The storage market is worth more than $50 B and hence the opportunity for Filecoin remains huge.
Given how much FIL is growing and the target market it is addressing, Filecoin has a bright future. Given the current market liquidity issues, Filecoin will remain under pressure for some time. But in the long run, it appears to be a fit case for investment.
The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts (actors) on the Filecoin network.
- It is a WebAssembly (WASM)-based virtual machine designed to support native Filecoin actors and smart contracts from foreign runtimes like the Ethereum Virtual Machine (EVM).
- The FVM allows developers to build and deploy value-generating applications on the Filecoin mainnet.
- The reference implementation of the FVM and its SDK is written in Rust, but alternative implementations in other languages are welcome.
Filecoin Performance
- Year to Date (2023): 34.4%
- Last 12 Months: -49.8%
- Since Launch: -63.6%
Thus, considering all the above factors, FIL is a good case for investment.
Can Filecoin reach $1,000?
Filecoin will have to rise by 190 times to reach a price level of $1,000. At $1000, Filecoin would have a Market Cap of $380 Billion. It would take 24 years to reach $1000 if Filecoin were to rise at the rate of 25% every year.
Given that Filecoin is only a moderate case for Investment, it would be impossible for FIL to reach $380 Billion anytime soon. Even a 90% burn would not necessarily lead to $1000 easily.
Will Filecoin reach $100?
To reach $100, Filecoin must grow by 19 times. FIL reached its all-time high price of $192 in April 2021 where it grew by 5.81 times in 6 months (i.e., from its lowest price of $33 in October 2020).
Therefore, considering its 0.97 times growth in one month, we can expect Filecoin to reach $100 in the next 19.58 months. However, given a Market Cap calculation of $38 Billion, it is unlikely to reach $100 anytime soon. A burn rate of 75% is more likely to result in $100 in the next 5 years.
Filecoin Price Prediction Today
- Filecoin Price Prediction in the next 24 hours is between $3.24 and $3.27
- Filecoin Price Prediction this week is between $3.14 and $3.39
| Overall Outlook | Partially Bearish |
| 1. Market's Wisdom | Partially Bearish |
| 1a. Market Data | Partially Bearish |
| 1b. Technical Recommendation | Neutral |
| 2. Crowd's Wisdom | Neutral |
| 2a. Social Media Buzz | Higher |
| 2b. Social Media Sentiment | Lower |
Filecoin Price Prediction 2023, 2025 and 2030 (Aggregated)
It is highly likely that the Global economy will recover in 2024 and 2025 driving up liquidity which in turn will help tokens will Filecoin that have a great business model
- Filecoin Price Prediction 2023 is $4.26
- Filecoin Price Prediction 2025 is $10.2
- Filecoin Price Prediction 2030 is $38.7
FIL Price Prediction: FAQs
Will Filecoin go up again?
Yes, given the size of the problem Filecoin is solving and the consistent performance over the last 2 years, there is a good chance that Filecoin will go up again once the Global economy starts to turn the tide. However, it is unclear when that will happen given the uncertainties in Europe and China.
What is so good about Filecoin?
Consumers are already using online storage solutions. So there is demand for the same. Further, numerous customers do not fully utilize their devices and would probably benefit from sharing their storage. Lastly, blockchain works quite well in this use case as there is a need for verification given the size of the network. Therefore, one can argue it is a very good proposition.
Will Filecoin Survive?
Yes, given the business performance in the last 2 years so far as well as the size of the target (storage) market, Filecoin is highly likely to survive.
FIL Price Prediction: How to Buy Filecoin?
Before talking about where to buy Filecoin, you should know how to buy it. Mentioned below are the steps that you need to follow.
Step 1: Compare different crypto exchanges that are offering the services to buy Filecoin. This way, you will be able to find a site that will offer the best features and that too at affordable rates.
Step 2: The next step would be to create your account in the exchange. You need to verify your email address as well as your identity.
Step 3: After the verification is complete, you need to make a deposit using a suitable payment method.
Step 4: Now you are all set to exchange your funds in order to buy Filecoin.
Where to Buy Filecoin?
Most of the premium exchanges these days are offering their services to people who want to buy, sell, and trade Filecoin. Some of the options are mentioned below.
- SoFi
- Crypto.com
- Gemini
- Kucoin
- Gate.io
- Uphold.
Read: Shiba Inu Coin 2022: Will Shiba Inu Reach 1 Cent in 2022?
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Cryptos. Please consult a registered investment advisor to guide you on your financial decisions.