The price of Filecoin (FIL) has collapsed, erasing all gains made in 2024 and making it one of the worst-performing tokens in the cryptocurrency market. The FIL token hit a low of $2.6155, its lowest since 2022, and has dropped over 74% from its peak in 2024. The coin remains below key moving averages and has lost momentum according to technical indicators. However, there are indications that Filecoin may be entering an accumulation phase and could potentially experience a rebound. The coin's decline can be attributed to the broader crash in the crypto industry, as well as a shift in investor focus towards meme coins. Additionally, concerns have been raised about the Filecoin ecosystem and its lack of adoption by users and AI models. The future recovery and performance of FIL are uncertain, but there is a possibility of a rebound to higher levels if certain conditions are met.



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