Do you remember that craziness in 2021? The whole crypto world was chasing File Coin.

At that time, the price soared to $237, and the market value exceeded $30 billion. If you walked into any group chat, eight out of ten people were discussing whether to get in, fearing they would miss out on this wave. "FIL is the Web3 storage revolution, set to overturn AWS and Google Cloud," this sentence was spread like wildfire in the crypto world.

As a senior analyst, I receive countless urgent calls from clients every day, urging me to get in the game quickly, or else there won't be any opportunities left. But I didn't follow the trend. After conducting thorough research, I decided to stay away from this project. In hindsight, this decision has saved me a lot of trouble.

**Acceleration from Heaven to Hell**

The Filecoin project does sound impressive. The founder, Juan Bennet, graduated from Stanford's computer science department, and his idea is grand enough - to build an incentive layer for the InterPlanetary File System (IPFS) using blockchain, connecting the idle hard drive resources around the world to create a truly decentralized storage ecosystem.

In 2017, an ICO raised $257 million directly, setting the highest record in the industry at that time. The financing amount, project direction, and team background were all top-notch. It seemed like the timing, location, and people were all in perfect harmony.

But what about reality? By 2025, the price of FIL has dropped to around $2.3. From $237 to $2.3, this is not just a drop; it's almost a complete wipeout. The market cap has evaporated from $30 billion to just over $1.6 billion. Most of the real money invested here has gone down the drain.

The wealth dreams of many participants were completely shattered in this process.