Warning Storj Team Sent 2.5 Million Tokens To Binance After A 46% Rise
- The Storj team has deposited 2.5 million tokens on Binance after a massive 46% increase in the past 24 hours.
- This could be a sign that whales are taking profits after the price increase.
- 57.78% of transactions came from Korea’s largest exchange, Upbit.
According to data analytics firm Lookonchain, the Storj Team has deposited 2.5 million tokens, equivalent to $1.22 million, on Binance. Investors need to pay attention to the bull trap.
As previously updated, the STORJ token price witnessed a massive 46% rally in the past 24 hours and over 91% in the past 7 consecutive days. This is driving investors into a positive state.
According to analytical data, the Storj team has deposited many tokens on the Binance exchange after STORJ tokens increased in price through 2 transactions worth $1 million and $1.5 million, respectively, and holds holds 11.6 million tokens worth $5.7 million.
Looking at this token’s spike in price chart and the project’s questionable behavior, it may be necessary for investors to question whether this rally can continue or is just a bull trap and can disappoint investors with the upcoming downtrend.
However, Against Bitcoin, after trading over the past few days, the bulls have shown great commitment to STORJ trading by following the recent positive sign. Furthermore, the current market trend could continue to move upwards if buyers can sustain further pressure.
Of the 30 assets in the computing sector, Storj holds 1.14% of the market cap at $211,934,048. Currently, the circulating supply 408,576,965 STORJ and total supply 424,999,998 STORJ.
The reason for the latest price action in STORJ is attributed to Koreans being the STORJ/KRW trading pair on the country’s largest crypto exchange, Upbit, currently accounting for 57.78% of the total volume of assets.
Storj, the platform runs on the Ethereum blockchain and allows anyone to store files without having to navigate a centralized data center. It will enable users to rent excess space and reliably store and return data for a low fee.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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