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Token movements made by teams involved in altcoin projects are always closely monitored in the cryptocurrency world. Now, significant movements are taking place within an altcoin project’s team. Let’s take a look at the details.
STORJ Team to Sell Tokens
The STORJ team sent 1,140,000 STORJ tokens worth $1.5 million to Binance through GSR Markets. This movement drew attention in the cryptocurrency market. Spot On Chain shared the development. The movement carries meaning as STORJ has experienced a 65% price increase in the past week. Additionally, this is not the first time such a movement has occurred.
Previously, the team had also deposited STORJ tokens to the cryptocurrency exchange Binance. At that time, there was a significant price increase before the move. After the sale news, there was a decrease in price. Now, a similar situation is occurring with this move. The STORJ price has dropped from $0.82 to $0.75.
STORJ Dynamics and Historical Trends
During periods of price increase, the STORJ team consistently makes strategic moves by using Binance as a platform for depositing STORJ tokens. This practice invites market analysis as observers draw attention to the correlation between the team’s cryptocurrency deposits and modest declines in STORJ token value.
Just last week, the amount deposited by the STORJ team is noteworthy. Accordingly, the team deposited 9,800,000 STORJ tokens, equivalent to $7.42 million, to Binance. This strategic approach inevitably raises questions about the team’s motivations and potential impact on market dynamics.
