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Filecoin Sent Files to Space But FIL Price Didn’t Moon

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The Filecoin Foundation recently announced the successful deployment of the InterPlanetary File System (IPFS). This achievement involved transmitting files to and from an orbiting satellite, which could mark a new era in space communications.

Despite the significance of the news, the price action of Filecoin’s native token, FIL, remained muted. 

Filecoin Sends Files to Space

The company carried out the mission in collaboration with Lockheed Martin, utilizing IPFS — a decentralized content distribution system — to demonstrate the potential of decentralized technologies in space. This is particularly relevant for enhancing communications over long distances and in challenging environments.

A noteworthy aspect of this demonstration was the transmission of the IPFS white paper and an image of the Filecoin Foundation’s mascot using a space-adapted version of IPFS on Lockheed Martin’s SmartSat technology. SmartSat is a software platform that allows flexible and rapid mission modifications in orbit.

Marta Belcher, president and chair of the Filecoin Foundation, highlighted the original vision of IPFS.

“IPFS is called the ‘interplanetary’ file system because, from the beginning, IPFS was envisioned as a technology that could enable networking in space. We could not be more thrilled to make that vision a reality,” Belcher said. 

Read more: What Is IPFS?

The mission underscores several benefits of using IPFS for space communications:

Improved Communication Speed: The conventional centralized internet model is less effective in space. In contrast, IPFS enables data retrieval from the nearest source, reducing critical delays in space operations.

Enhanced Data Verification: IPFS assigns a unique identifier to each content piece, facilitating the verification of data authenticity. This is particularly relevant for space-based data, such as satellite imagery.

Increased Data Resilience: Space data storage faces risks of corruption and hardware damage. IPFS mitigates these risks by allowing for data storage across multiple locations, thus enhancing data resilience.

FIL Price Reaction Was Muted

Despite these advancements in space technology, there has been minimum response in the finance market. Filecoin’s native token, FIL, continues to trade within the $6 range, recently encountering resistance in its pricing trends.

Recently, FIL experienced a decline after failing to break through a descending trendline, a pattern observed in its weekly chart that forms part of a symmetrical triangle. This trend suggests potential downward pressure on FIL, which might lead it toward the lower boundary of this pattern, estimated at $3.70. 

Read more: Filecoin Staking: How To Get Started

Filecoin (FIL) Price Performance. Source: TradingView

For FIL to reverse its current trend and start an upward trajectory, it must successfully break through the $7 resistance level. Consequently, if the resistance breaks, the FIL price can potentially rise toward $11.

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