One trader claimed that FIL has lost momentum as its price is $64, which is over 70% less than the $238 record. The decentralized data-sharing platform shows signs of growing adoption, and that could accelerate the FIL token’s uptrend.

FIL tokens are used to retrieve and purchase storage space from Filecoin Network. Users also get rewards by selling extra storage on this open-source platform. Filecoin provides economic incentives for file storage that can compete against existing cloud storage companies.