- Storj (STORJ) token surged 24% to $0.5975 with a market cap of $237 million, breaking out of its previous downward trend from the $0.40 level.
- The Storj team deposited 5 million STORJ tokens worth $2.99 million to Binance through GSR Markets, marking their first exchange deposit in 7 months.
- Historical data shows the team previously deposited 37.9 million STORJ tokens between November 2023 and March 2024 at an average price of $0.809, often followed by price drops.
- The recent deposit has raised concerns about potential profit-taking or increased selling pressure, with traders closely monitoring whether the rally can sustain.
Date: Wed, Oct 16, 2024, 05:14 AM GMT
In an eventful day for the cryptocurrency market, Bitcoin (BTC) surged to $67,000, but the performance of major altcoins remains mixed. Amid this, Storj (STORJ), the native token of the decentralized cloud storage platform, has caught attention with an impressive 24% price surge. The token is now trading at $0.5975, with a market cap of $237 million.
Storj Breaks Out of a Downtrend
STORJ’s rally follows a significant breakout from the $0.40 level, signaling a shift from its previous downward trend. This bullish momentum has sparked renewed interest among traders and investors, as the token quickly gained traction over the last 24 hours.
5M STORJ Tokens Moved to Binance
In the wake of this rally, the Storj team has resumed depositing tokens into exchanges. According to Spotonchain monitoring, the team transferred 5 million STORJ tokens (worth $2.99 million) to Binance through GSR Markets just three hours ago.
This is the first deposit in 7 months, drawing comparisons to a pattern observed from November 2023 to March 2024, when the team deposited 37.9 million STORJ tokens at an average price of $0.809 ($30.6 million). These transactions were often followed by price drops, suggesting the possibility of profit-taking or increased liquidity.
Investors and traders are now closely monitoring STORJ’s performance to see if the rally holds or if further selling pressure emerges after the recent deposit.
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