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Storage altcoin Storj (STORJ), ranked 136th among cryptocurrencies with a market value of $215.6 million, is gaining attention with a surge exceeding 50% in the last 24 hours. This drastic increase in STORJ appears to be largely due to South Korean investors.
The South Korean Impact on STORJ
As the crypto world discusses Storj’s rise of over 50% within a few hours, Chinese blockchain journalist Wu Blockchain made a significant observation about the leading altcoin’s surge. Wu Blockchain pointed out that the STORJ/KRW pair on South Korea’s largest cryptocurrency exchange, Upbit, contributed approximately 57.8% of the altcoin‘s spot trading volume with around $251 million, indicating South Korean investors are driving the increase.
According to data provided by crypto data platform CoinMarketCap (CMC), STORJ is trading at $0.5395 with an increase of 51.71% in the last 24 hours. The popular altcoin’s total trading volume has exceeded a 2,200% increase, reaching $522 million.
Moreover, the annualized negative fee rate for STORJ U-standard contracts on Binance and Bitget has surpassed 800%.
What is Storj?
Storj is a decentralized peer-to-peer cloud storage platform that utilizes blockchain technology and its native cryptocurrency called STORJ. The project aims to provide a more secure, private, and cost-effective alternative to traditional cloud storage solutions by leveraging the distributed nature of the blockchain.
The Storj network allows individuals and organizations to rent out their excess storage space in a decentralized manner, thereby creating a distributed network of storage nodes that collectively make up the Storj network. Users needing storage space can pay for it using STORJ coins and can store their data across multiple nodes for redundancy and data integrity.
The STORJ coin serves various purposes within the Storj ecosystem. First, it is used as a payment tool for renting storage space and accessing services offered by the network. Coin owners can also earn STORJ coins by providing storage space to the network, contributing to the decentralized infrastructure.
