The Fall Continues in Altcoins Prominent with Storage Features!

Filecoinin the last five days 28% while falling, Storge in the same time period 20% fell, and saw record short selling over the weekend.

Altcoins that stand out with their storage protocols over the weekend with short sellers Filecoin (FIL) and Storj (STORJ) and Filecoin was shorted at a record high.

Filecoin (FIL), a Storage-Enabled Altcoin, Continues to Drop

FIL is down 28% in the last five days, while STORJ is down 20%. Both show a decrease of about 10% over the same period. Ethereum (ETH) performed below.

Data from CoinGlass points to record liquidations in bullish positions for FIL and STORJ as last week ends.

According to CoinGlass, approximately $5.7 million of bullish FIL positions were liquidated on Dec. a similar protocol at Internet Computer (ICP) The $500,000 position was liquidated.

Investors may be questioning the usefulness of storage protocols that have massive growing storage capacity but have no obvious use case to use it.

Filecoin says it has a capacity of 15.34 Exbibytes, or 17.6 million Terabytes.

OpenSea cites the storage of its NFTs as one of its primary customers, but this raises questions about how much of the storage network is actually being used.

Monthly volume on OpenSea fell from about $4.8 billion at the beginning of the year to $159 million; That’s about a 97% drop and has dropped from $236 when Filecoin was listed on April 1 to $3 today.

At the time of this writing, Filecoin (FIL) was trading at $3.03.

It is not investment advice.