The altcoin community is facing a critical development. The community is buzzing with news of significant STORJ withdrawals from major exchanges. Last month, the four wallets collectively withdrew 40.59 million STORJ tokens, equivalent to approximately $19.72 million, according to Lookonchain tracking data. This amount constitutes 9.55 percent of the total STORJ supply. Here are the details…
Altcoin price jumped
Several cryptocurrency addresses have withdrawn STORJ from exchanges over the past month. What makes these withdrawals particularly interesting is that STORJ has increased in value by more than 100% over the past month. At the time of writing, the value of STORJ has increased by 7 percent. Investors and analysts are watching this situation closely as it could have significant impacts on the STORJ market. The largest withdrawal amounted to 25.57 million STORJ, or approximately $12.42 million. It took place from wallet address 0x33. This large withdrawal occurred between September 15 and September 19. It took place on both Binance and OKX. The sudden move caused many to question the intentions behind such a significant cash outflow.
4 fresh wallets withdrew 40.59M $STORJ ($19.72M, 9.55% of the total supply) from exchanges in the past month.
And the $STORJ price has increased by more than 100% in the past month.
If you want to short $STORJpaying attention to when these 4 wallets sell-off will be helpful. pic.twitter.com/N3KlV7jwIa
— Lookonchain (@lookonchain) October 8, 2023
Addresses 0xdF, 0x79 and 0x97 participated in the migration
In addition, wallet address 0xdF attracted 5.68 million STORJ from Binance on the day this report was published. This works out to approximately $2.76 million. This came as a surprise to the crypto community. Because the timing aligned with significant withdrawals taking place in general. September 19th looks like a big day, with two other wallet addresses, 0x79 and 0x97, making significant STORJ withdrawals. 0x79 attracted 5.35 million STORJ (approximately $2.6 million), while 0x97 attracted 3.98 million STORJ (approximately $194) from Binance.
Another wallet withdrew 5.89M $STORJ($5.8M) from #Binance just now.https://t.co/8atJKsmPqzhttps://t.co/ZiGRzjzhab pic.twitter.com/kQKtKvUohF
— Lookonchain (@lookonchain) October 8, 2023
As of writing, another wallet address has withdrawn 5.89 million STORJ from Binance. This works out to approximately $2.84 million. This brings into question the motivations behind these withdrawals. It also raises further questions about their potential impact on the STORJ market. Cryptocurrency experts and market analysts are divided on the consequences of these withdrawals. Some suggest that large cash outflows may indicate a lack of confidence in STORJ’s future price performance. Others think these could be strategic moves by long-term investors looking to capitalize on recent gains.
Will the STORJ rally continue?
The cryptocurrency world is no stranger to sudden market moves, but the scale and timing of these STORJ withdrawals have undoubtedly caught the community’s attention. As investors and analysts continue to monitor the situation, the question on everyone’s mind is: What do these withdrawals mean for the future of STORJ and will the token’s price rally continue? Only time will tell as the crypto community eagerly awaits further developments.
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