Filecoin remains affected by the current market volatility as it continues to decline. According to the latest market data, Filecoin decreased Crude oil prices have fallen 18% since last week, a significant drop in value.
Investors are still affected by the current market losses of the token. However, several developments may repair the lost confidence in the token, but it remains to be seen what impact they may have on the future performance of FIL.
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A streak of victories for Filecoin
Despite the bad start in August, the ecosystem still has cards up its sleeve that could turn things around.
yesterday, X account growth Advertise They are partnering with the Filecoin Foundation to “help develop the crypto ecosystem in Argentina” at Aleph, a crypto event in Argentina that aims to turn the country into the crypto capital of the world.
🏙️🇦🇷🌞 @Phil Foundation Collaborate with Alif!@filecoin Decentralized storage ensures that data is managed securely and efficiently using blockchain technology.
Join the team this August to see how they are helping to grow the crypto ecosystem in Argentina! 🌐 pic.twitter.com/vEAUATRPec
— Growth 🔜 thousand (@crecimientoar) August 2, 2024
The event will take place this month, with the support of major crypto institutions. This will give the Filecoin Foundation an opportunity to further expand its reach as a leading provider of decentralized storage within Web3.
Filecoin Station also delivered another win for the platform. On August 2, Station Advertise 16,911 participants participated in the platform in July. This number only represents addresses that completed a task on the platform, but it is still significant because it shows the active use of the Filecoin network.
The Station Network reached a new record of 16,911 network participants* in July 2024. A big thank you to everyone who runs a Station as we work to allow anyone to join and contribute to Web3.
*(defined as unique FIL addresses to complete jobs) pic.twitter.com/jSyri9dMZi
— Filecoin Station (@FilecoinStation) August 2, 2024
With a big focus on improving Filecoin’s ability to store data for Web 3, they also released A roadmap for Spark, a step-by-step network upgrade that will improve the user and developer experience on the platform.
Features such as improved data quality, a public grant writing system, new tools for the public, and incentives for investors will be introduced under this project.
Spark upgrades will cement Filecoin’s position as a leading decentralized storage provider. Entering the world of AI Last month It will also help boost the impact of the token in the AI and data storage industry.
Bears’ slowdown could slow weekly losses
Filecoin bulls are still struggling to avoid the current market downturn that FIL is experiencing. But with the current support for the token at $3,570, we may see a recovery in the medium to long term.
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The current trajectory of the cryptocurrency remains worrisome. However, if bulls can defend the current support level, the cryptocurrency has a chance to reclaim early July levels – around $4,394. The stability of the cryptocurrency price will serve as a consolation price for bulls as it gives them strong support for any upward movement.
However, investors and traders should remain cautious as market conditions remain in favor of strong downward pressures present within the market.
Featured image by Pexels, chart by TradingView
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