Can Filecoin reach $1000?Filecoin Price Prediction 2023, 2025, and 2030

Can Filecoin reach $1000?Filecoin Price Prediction 2023, 2025, and 2030

Filecoin Price Prediction 2023 is $9.1

Filecoin Price Prediction for the week is likely to range between $3.03 and $3.76


The Latest Price of Filecoin 

Filecoin performance in the last 12 months

  • Last 1 Month: -9.3%
  • Last 6 Months: -24.3%
  • Last 12 Months: -86.5%

Technical Analysis (Weekly)

  • RSI: Sell
  • Stoch RSI: Overbought
  • MACD: Sell
  • Moving Average: Sell
  • Overall: Moderate Sell

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

  • Storage Usage increased from 27 Million Gigabytes in Q3 2021 to 231 Million Gigabytes in Q3 2022
  • Protocol revenue in $FIL rose from 1.39M FIL to 1.77M FIL
  • However, in Dollar terms, revenue was down from $95M to $11M

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.

Competitor analysis: Filecoin vs BitTorrent

Filecoin is a decentralized storage system providing an open market for storing various files of users. Here, the users need to pay for storing their files. One of its prominent competitors is BitTorrent, which is one of the oldest decentralized data storage networks. It is a P2P file-sharing and torrent platform. Let’s make a brief comparison between Filecoin and BitTorrent:

 FilecoinBitTorrent
Major audienceThe users looking for storage.Users looking for a file sharing and torrent protocol.
Platforms supportedSaaSWindows, Mac, iPad and Android.
Performance in the last 1 year-91.1%-78.5%
Performance in the last 3 months-43.2%-23.1%
Performance in the last month-29.9%-15.5%
Performance in the last 7 days-6.7%-9.1%

As we can clearly see that Filecoin has failed to outperform BitTorrent for a year, despite the fact that both the cryptos have declined in price for this period.

Competitor analysis: Filecoin vs Render token

Render Network aims to revolutionize the process of digital creation by allowing people to share their unused or extra GPU power with people in need of GPU. Let us make a comparison between Filecoin and Render token:

 FilecoinRender token
Major audienceThe users looking for storage.Users looking for GPU rendering services.
Blockchain it is built onFilecoin blockchainEthereum
Performance in the last 1 year-91.1%-91%
Performance in the last 3 months-43.2%-25.4%
Performance in the last month-29.9%-16.3%
Performance in the last 7 days-6.7%No net change

The above data depicts that both the cryptos have declined by more than 90% since a year and Filecoin, clearly, has not outperformed its competitor i.e, Render token.

Will Filecoin reach $100?

In theory, this is completely possible. Filecoin has performed well (businesswise) in the last 2 years. It operates in a very large market and has a very small share. So potentially, it is likely to perform well in the future. At 25% CAGR growth per annum, Filecoin could rise to $100 in 16 years.

Can Filecoin reach $1000?

Filecoin will have to rise 300-fold to reach $1000. The current annual revenues for Filecoin is approximately $50M. The global personal storage market exceeds $50000 M. 300x of current revenue translates to about 35% of the market which is impractically high given the current competition. So while it is highly likely that Filecoin will rise from current levels, it may be quite difficult for it to rise to $1000

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 $9.1

Filecoin Price Prediction 2025 is $14.7

Filecoin Price Prediction 2030 is $44.2

Filecoin Price Prediction Today

Overall OutlookPartially Positive
1. Market's WisdomPositive
1a. Market DataPartially Positive
1b. Technical RecommendationBuy
2. Crowd's WisdomNeutral
2a. Social Media BuzzLower
2b. Social Media SentimentHigher

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.

Can you stake Filecoin?

Yes, you can stake Filecoin with an exchange or on mining protocols like Filet (DYOR)

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.

  1. SoFi
  2. Crypto.com
  3. Gemini
  4. Kucoin
  5. Gate.io
  6. Uphold.
Filecoin Price Prediction

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