Storj Team Deposits 5M Tokens to Binance After 24% Price Surge

Date: Wed, Oct 16, 2024, 05:15 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.

Source: Coinmarketcap

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.

Credits: Worldofcharts (X)

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.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.

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