Bitcoin‘s performance in the last quarter has sparked movements across various altcoins, leading to significant activity from cryptocurrency whales. Specifically, Storj (STORJ) has come into the spotlight as whales on Binance have targeted it for large transactions.
According to the on-chain data provider Spot On Chain, three whale-level wallet addresses, presumed to be controlled by a single entity, have executed three major transfers within 24 hours involving Storj. The volume of STORJ moved corresponds to 7.24% of its total supply.
These wallets have transferred approximately 25.3 million STORJ, valued at $30.78 million and purchased at an average price of $0.82, to the cryptocurrency exchange Binance. This suggests that the STORJ may have been sold or is being held on Binance for potential sale, which led to a drop in the altcoin’s price by over 5%.
Historical data reveals that the crypto whales initially bought 10 million STORJ at a low average price of $0.44 during September-October, amounting to $4.44 million. Following this, during the rally on December 17, additional purchases of 20.8 million STORJ were made at an average price of $1.04, leading to a loss of $745,000 for the whales.
Storj is an open-source cloud storage platform that utilizes a decentralized network of nodes to host user data. The platform also secures hosted data with advanced encryption.
Introduced to the world in December 2014 through a whitepaper, Storj was initially presented as a decentralized peer-to-peer encrypted cloud storage platform. Two years later, an updated whitepaper announced a decentralized network that connects users needing storage space with those who have it to sell. The platform officially launched in its current form at the end of 2018. Today, individuals with storage space and a good internet connection can join the network as nodes and earn STORJ as a reward.