STORJ Skyrockets by 40%: Upbit Contributes 57.8% of $250 Million Spot Trading
In an unprecedented surge, the storage token STORJ experienced a remarkable rise of nearly 40% in just 24 hours, making waves in the cryptocurrency market. The surge was fueled by increased trading activity on Upbit STORJ/KRW, South Korea’s largest exchange, which accounted for an impressive 57.8% of the overall spot trading volume, amounting to approximately $250 million.
As per Lookonchain, the Storj Team made a deposit of 2.5 million $STORJ (equivalent to $1.22 million) to Binance following the rise in STORJ’s value. Presently, the team holds a total of 11.6 million STORJ tokens, which amounts to approximately $5.7 million.
The price of $STORJ rises nearly 45% today.
— Lookonchain (@lookonchain) July 5, 2023
STORJ, pronounced as “storage,” stands as an open-source cloud storage platform that leverages a decentralized network of nodes to host user data. This unique approach allows for advanced encryption and enhanced security measures for stored data, differentiating it from traditional cloud storage solutions. Unlike massive data centers employed by conventional providers, Storj relies on a vast network of independent computers to distribute and store data.
One of the standout features of Storj is its accessibility, as anyone with available storage space can become a node on the platform by installing Tardigrade and ensuring a reliable internet connection. This decentralized model not only provides an opportunity for individuals to monetize their spare terabytes but also significantly reduces storage costs for users when compared to traditional cloud storage services.
The recent surge in trading volume on South Korean exchanges, as reported by Kaiko, further highlights the growing interest in cryptocurrencies. During the final week of June, daily trading volumes in South Korea surpassed an impressive $4 billion, with a noteworthy trend emerging—the Korean won (KRW)-denominated trade volume exceeded that of the US dollar (USD). This signifies a robust local demand for cryptocurrencies and a strengthening crypto market within the country.
Moreover, the surge in trading activity was predominantly driven by altcoins, with altcoin trading contributing approximately $3.6 billion of the daily trading volume. STORJ, with its substantial surge in value, has become a significant player in the altcoin market, capturing the attention of investors seeking potential opportunities beyond traditional cryptocurrencies like Bitcoin and Ethereum.
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