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The blockchain-based and completely open-source cloud storage platform Storj (STORJ) experienced a price drop following a sale by the team. On-chain data shows that the Storj team deposited approximately 2 million STORJ to the Binance exchange about 5 hours before the price of the altcoin fell by nearly 6 percent.
STORJ’s Price Falls After Team’s Sale
On-chain data platform Spot On Chain reported that the native asset of the cloud storage platform Storj, STORJ, fell in price due to a sale by the team. Accordingly, the Storj team deposited 2 million STORJ worth $1.42 million to the cryptocurrency exchange Binance about 5 hours before the price fell by approximately 6 percent. The price of the altcoin was trading around $0.72 just before this transaction but fell below the $0.70 level after the team’s move.
Spot On Chain also added that since November 9, 2023, the Storj team has generally deposited 28.9 million STORJ to Binance whenever the price rose, at an average price of $0.821.
What is Storj?
Storj is a blockchain-based and completely open-source cloud storage platform. Fundamentally, it uses a decentralized network of nodes to host user data. The platform also secures hosted data with advanced encryption. Storj was first introduced to the world as a concept with a whitepaper published in December 2014.
Initially, Storj aimed to be a completely decentralized, peer-to-peer encrypted cloud storage platform. Two years later, an updated version of the whitepaper was released. Here, a decentralized network that connects users in need of cloud storage space with those who have hard disk space to sell was defined. The platform was launched at the end of 2018.
Currently, individuals with a hard disk space and a good internet connection can join the Storj network and become a unit called a node. Space providers are rewarded with STORJ tokens.
