Dragon

Filecoin

Filecoin has observed a strong decline in TVL and user activity, while the price has also shown no significant momentum in the last one year. 
Filecoin is a decentralized storage network formed to store the most essential information of humanity. Its ICO came in 2017, and the mainent of the protocol was launched in 2020. The protocol is open source and decentralized, which implies that the protocol’s governance lies in the community’s hands. Filecoin blockchain has been seeing a lot of developments in which the nv22 Dragon upgrade is a milestone. 
The key improvements of the protocol include a stronger randomness source to enhance security, reduce the computation load, and improve the scalability of the network. 
Community initiatives like DeStor’s partnership for AI data integrity research and support for NFT are also milestones in their journey. Additionally, recent events like the IPC Data Economy Hackathon and Filecoin’s presence at FIL Hong Kong showcase the network’s ongoing innovation and community engagement. 
<h2 class="wp-block-heading" id="strong-is-fvm-of-filecoin-becoming-an-attraction-for-open-data-economy-strong">Is FVM of Filecoin Becoming an Attraction for Open Data Economy?</h2> 
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Source: FEVM Contracts By Filfox 
Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts called “Actors “ on the filecoin network. The FVM brings user programming integration to the network. The FVM unlocks a great possibility, including dataDAOs, perpetual storage, and financial services for storage providers. 
It has over 6667 EVM address count with 63,456 Placeholder address count. The EVM address for the FVM is 8,588,525.21 FIL, while the placeholder address balance is at 7,981,988 FIL. The number of total deployments on the network has remained stagnant while the contract deployments have declined and reached 5 on a daily basis. 
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Source: Filfox.info 
The <a href="https://www.thecoinrepublic.com/2024/03/30/filecoin-price-prediction-will-the-bull-rally-extend-beyond-10/" target="_blank" rel="noreferrer noopener">filecoin</a> ecosystem has been seeing a decline in the overall total value locked (TVL), which is currently near $247 million. The maximum locked TVL is currently with the GILF chain, holding 75% of the total locked value. Filecoin protocol also has a vibrant ecosystem for the NFT. The FNS and file bunnies are some of the most popular NFTs on the protocol. 
Let’s have a look at the constant stagnation of the Filecoin price over the past one year. 
<h3 class="wp-block-heading" id="strong-are-no-bulls-and-bears-moving-fil-price-strong">Are No Bulls and Bears Moving FIL Price?</h3>  
<a href="https://in.tradingview.com/chart/FILUSD/Qe1o5obf-</a> by <a href=" https: in.tradingview.com u ritika_tcr ">Ritika_TCR</a> on <a href="https://in.tradingview.com/">TradingView.com</a>  
Filecoin currently has a market cap of $2.956 billion despite having gained 19% in over a year. The FIL token has a supply of 1,960,498,576 FIL, and over 50% of it is circulating in the market. FIL price is currently trading near the value of $5.3, with a slight gain in the intraday session, while the overall volume surged by 2.6%. 
When writing, the FIL token price has formed doji candles on the daily chart. It trades below the 50 and 200 EMA with an upcoming negative crossover. A solid upside trend can be seen if the price jumps over the EMA. The resistance for the FIL token price is near $6.5, while the support price can be observed near $5. 
The RSI and MACD of the FIL token are currently in a neutral zone and are hinting towards a weak bearish momentum in price. 
<h4 class="wp-block-heading">Conclusion</h4> 
Filecoin is one of the most popular decentralized storage systems in the crypto ecosystem. The FVM of the protocol is also observing a strong rise in the active user count. FIL token price is currently in a weak consolidation but can see a new high in the future. 
<h5 class="wp-block-heading">Disclaimer</h5> 
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.

FIL Price Gained 19% in One Year; Will This Slow Trend Continue?

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