$STORJ is currently up 47% in the last 24 hours, trading at $0.5262. Its impressive 95% surge on the weekly chart reveals a substantial build-up in the last seven days leading to its recent performance.
The native asset of open-source cloud storage platform, Storj is one of the highest performing cryptocurrencies today, and traders are looking to profit from its price movements. STORJ’s trading volume is up by a staggering 4,057% today, and more than $749million worth of the tokens has changed hands across exchanges.
Given the relative stability of the market in the past few days, what could be the driving force behind STORJ’s run?
LookOnChain revealed that the Storj team deposited 2.5 million STORJ (worth $1.22m) to Binance and currently holds about 11.6 million STORJ (worth $5.7m) in its wallet.
This transaction occurred after the pump, but many are on the edge, anticipating what the team’s next line of action will be.
Some members of the community believe that it is a bullish sign for the token. Others attribute the recent price action to buying pressure from the South Korean crypto community.
Chinese reporter, Colin Wu pointed out that Upbit accounts for 57.8% of STORJ’s trading volume, affirming that indeed, the pump can be attributed to mass retail activity by South Koreans on their leading exchange.
“The storage token STORJ has risen by more than 37% in the past 24 hours. Upbit STORJ/KRW, South Korea’s largest exchange, contributed 57.8% of the entire spot trading volume of about $251m. At present, the annualized negative fee rate of STORJ U-standard contracts in Binance and Bitget reaches 820%,” said WuBlockchain via Twitter.
