From the monthly line, Filecoin has been sideways for a very long time. The longer it is sideways, the higher it will be vertically. After the main bear market fell, it has been sideways for two years. The main chips have been gathered and the turnover of retail investors has been very sufficient. The first goal is to see if it can break through the previous high in March this year and hit $15. Later, it depends on whether the bull market can start the trend and open the terrifying flywheel of Fil. Fil created the most powerful flywheel effect in the history of encryption in the last bull market, pushing the total market value of Fil to a maximum of $500 billion. Of course, it is the same mechanism that makes it severely oversold in the bear market. Its mechanism is an amplifier of bull and bear markets.
Here are a few key points to share with everyone:
1. As the absolute king project in the entire market that was strongly pushed by exchanges including Binance at that time, the highest market cap phase FDV exceeded 500 billion USD (the highest price of FIL on Binance was 238.2 USD), once surpassing the current Ethereum market cap of 410 billion USD. The foundation of global market appeal is still quite strong, and it includes exchanges like Coinbase, which allow traditional compliant funds from the U.S. to enter.
2. The concept of Depin was born after Filecoin emerged. It created this track, and after so many years, it still seems to be the leader in the Depin track and concept. You can never avoid Filecoin when speculating on Depin.
3. Go take a look at Grayscale's holdings. Now traditional U.S. funds are closely watching Grayscale's holdings for large-scale rotations. I believe among the dozens of assets held by Grayscale, aside from BTC, ETH, and SOL, FIL should be the one with the highest global consensus.
4. In fact, over the past few years, the $FIL project, which is a top-tier project, has done a lot in infrastructure. The amount of code updates is second only to Ethereum. It has also achieved many results, including storage, data, computing, and AI (a little-known fact: apart from the VC led by IO, IO was primarily involved in the incubation of FIL and SOL together in the early days, which can be seen on the IO official website). However, the price of the coin has been sluggish, and no one has noticed. Once the price rises, I believe everyone will see it.
5. In the first quarter of next year, FIL will undergo the next version upgrade, with a performance improvement of 480 times on the main chain, and a significant decrease in gas fees. The stablecoin on the main chain has also been released this month. Next, it is very likely that the official will support the meme ecosystem on the main chain. Once the FIL meme ecosystem explodes, many CX teams may quickly revive on the FIL ecosystem, as many aunts who have never heard of Ethereum have heard of FIL.
6. Some people are worried about the selling pressure from miners. The previous article mentioned that many FIL miners have already sold at 5-6 USD, indicating that the selling pressure from FIL miners is not significant anymore. Additionally, in the face of today's strong market liquidity, the circulating market value of #FIL is hardly worth considering. How many goods can miners hold now? With such a widely recognized consensus foundation in Depin, it's too easy for the Depin meme leader to rise.
7. Additionally, there is the Fomo mechanism of the node lock-up mentioned above in #FIL. As the price rises, the coin-based yield remains unchanged or even decreases due to the increase in computing power, but the yield of the node staking lock-up in gold-based terms will rapidly increase, attracting a large amount of traditional funds to buy FIL for staking mining to earn gold-based returns.
8. No one knows at what price the automatic Fomo model of FIL will be activated, but once the upward trend of FIL starts to gain consensus in a bull market, the FIL automatic Fomo mechanism may fully open. Based on our simple prediction from experience, if FIL can stabilize above 20 again, this effect will gradually manifest and reinforce itself. This is also why in the last bull market, FIL could reach a maximum of 238 USD and exceed an FDV of 500 billion USD, absorbing massive amounts of off-market funds. We hope to see this terrifying flywheel open up again in this bull market.