Storj, an open-source, blockchain-based cloud storage platform, saw its token price fall after the project’s team transferred a significant amount of STORJ tokens to the Binance exchange. This move preceded a nearly 6% drop in the altcoin’s price, with on-chain data revealing the transfer of roughly 2 million STORJ tokens.
The price of STORJ was affected by the team’s sale, as reported by the on-chain data platform Spot On Chain. The tokens, valued at $1.42 million, were moved to Binance, and shortly after, the price slipped below $0.70, having traded around $0.72 before the transaction.
Spot On Chain highlighted a pattern where the Storj team has been depositing tokens on Binance following price surges since November 9, 2023. The average price noted for these deposits was $0.821, with a total of 28.9 million STORJ tokens transferred.
Storj operates as a decentralized network, offering secure and encrypted cloud storage solutions. Launched with a whitepaper in December 2014, the platform connects users needing storage with those offering hard disk space, rewarding space providers with STORJ tokens.
The Storj network allows individuals with available hard disk space and an internet connection to participate as nodes, contributing to the decentralized infrastructure and earning cryptocurrency for their services.