Bitcoin‘s (BTC) performance in the last quarter of the year caused many altcoins to become active. The volatility in the altcoin market also mobilized crypto whales. Some whales made headlines with their purchases, while others did so with their sales. At this point, Storj (STORJ) became the latest target of crypto whales on Binance.
Approximately $25.5 Million Worth of STORJ Transferred to Binance
According to the report by on-chain data provider Spot On Chain, three whale-level wallet addresses, believed to be controlled by a single entity, made three large transfers within Storj in the last 24 hours. The amount of STORJ moved in these transfers corresponds to 7.24% of the total supply.
From these wallet addresses, approximately 25.3 million STORJ, worth $30.78 million and purchased at an average price of $0.82, were transferred to the cryptocurrency exchange Binance. This indicates that the STORJ in question were either sold or are being held on Binance for a potential sale. The price of the altcoin dropped over 5% following this development.
Whales Suffer a $745,000 Loss on Recent Purchases
Looking at past data, it is observed that crypto whales initially bought 10 million STORJ at a low average price of $0.44, amounting to $4.44 million, during September-October. Following these purchases, during the rally on December 17th, the wallet addresses made an additional purchase of 20.8 million STORJ at an average price of $1.04. The whales suffered a total loss of $745,000 from this purchase.
As is known, Storj is an open-source cloud storage platform. Fundamentally, it uses a decentralized network of nodes to host user data. The platform also secures the hosted data using advanced encryption.
Introduced to the world with a whitepaper published in December 2014, Storj was initially presented as a decentralized peer-to-peer encrypted cloud storage platform, but two years later, an updated whitepaper announced a decentralized network that connects users in need of cloud storage space with those who have space to sell. Indeed, the platform was launched in its current form at the end of 2018.
Currently, individuals with storage space and a good internet connection can join the network and become a unit called a node. Network participants receive STORJ as a reward for their contribution.
