Filecoin Plunges to All-Time Low as Investors Lose Faith in Storage Disruption Potential

1: filecoin (fil) has recently experienced a drop of 30% over the last 7 days, hitting an all-time low of $2.64 last friday. filecoin is a cryptocurrency that allows users to rent out or sell spare storage space on their computers in exchange for the network’s native token. it was one of the market’s top 15 cryptocurrencies at its peak.
paragraph 2: filecoin recently announced the launch of filecoin chair, an initiative aimed to provide supplemental support and funding for teams building joint use cases between filecoin and tableland. opensea, one of the key clients for filecoin’s service, had its trading volume plummet to just $190 million last month. filecoin’s all-time high was $236.84, recorded at the beginning of april last year.
paragraph 3: filecoin is seeking to apply a crypto-native solution to a problem currently being serviced by existing centralized cloud storage services, such as amazon, microsoft, and google. investors may be losing faith in the project’s ability to disrupt the storage industry, as incentives to provide storage are becoming less obvious due to the plunging prices. the bigger question is about practical use cases for filecoin. novel concepts in the realm of nfts, gaming, and metaverse will be given special consideration for the filecoin chair initiative.

By Evey Lovelace

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