STORJ, the native altcoin project of decentralized cloud storage platform Storj, has surprisingly experienced a significant increase in value. Meanwhile, the STORJ team transferred some coins to Binance. Here are the details…
Altcoin team transferred coins to Binance
According to market data, STORJ briefly surpassed $0.55 before settling at $0.518. This significant price increase represents a 24-hour gain of 47.09 percent. CoinMarketCap data reveals that STORJ is on an upward trajectory, posting a 42.84% gain in the last day alone, with its current price of $0.5018. The increase in STORJ’s value has caught the attention of investors and enthusiasts in the industry. Moreover, the token’s trading volume has skyrocketed, reaching $601,979,999, an astonishing 2514.47% increase. This increase is not limited to the last 24 hours; Last week, STORJ recorded an impressive increase of almost 90%.
An interesting development regarding the price increase is the transfer of 2.5 million STORJ tokens to the popular cryptocurrency exchange Binance by the Storj team. This move, worth around $1.22 million, could indicate the team’s strategic decision to capitalize on the recent price hike. Currently, the Storj team still holds 11.6 million STORJ tokens worth approximately $5.7 million. This shows their confidence in the future potential of the token.
As a decentralized cloud storage platform, Storj stands out in the industry for using Blockchain technology to provide secure and encrypted storage solutions. Operating on the Ethereum blockchain, Storj offers an attractive alternative to centralized cloud storage platforms such as Amazon Web Services and Google Cloud. It allows users to decentralize and securely store their files while allowing individuals to monetize their unused hard drive space.
More about STORJ
STORJ’s journey began in 2017 after its predecessor, SJCX, was deprecated. The transition to the Ethereum Blockchain brought about the issuance of 500 million STORJ tokens. However, a strategic decision by the team led to the burning of 75 million tokens, reducing the total supply to around 425 million tokens. STORJ’s price trajectory has been a rollercoaster ride since its inception. It peaked in March 2021, reaching an all-time high of $3.91. However, there was a decline in the following months and the price dropped as low as $0.61 in June 2021. Since then, the price has fluctuated between $1 and $2.
Investors interested in STORJ should consider several factors before making an investment decision. First, Storj’s unique decentralized cloud storage concept offers an alternative to traditional centralized solutions, providing efficient and cost-effective storage options via a standalone computer network. In addition, Storj has received investments from reputable venture capital firms, a testament to the confidence placed in the project. Also, STORJ tokens are actively traded and offer liquidity on various centralized and decentralized exchanges such as Binance, Coinbase, FTX, Huobi, and Uniswap.
As for the recent surge in STORJ’s price, market analysts point to the breakout of a critical resistance line as a catalyst. The crypto asset’s price surge points to a potential price correction in the near future as it is currently hovering in an area of resistance and supply. Analysts suggest that if the daily candle fails to maintain a position above the resistance line, the probability of a price correction towards the support line increases significantly.
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