Decentralized storage provider Storj surged 51 percent amid an unprecedented renewed buying interest. In this post of Pooyan Music, we will discuss the growth of digital currency Storj, a competitor of Filecoin, and the increase in interest in buying it.
In a dramatic twist, Filecoin’s main competitor, Storj, a decentralized storage service provider, is leading the altcoin movement today. According to data from CoinMarketCap, Storj is trading at $0.5296. which has increased by 51.55% in the last 24 hours. The trading volume of this token increased by 2455% in the last 24 hours to strengthen the growth.
While Storj is not naturally driving this altcoin momentum, its rise today is a testament to its growing appeal among users.
Storj, in particular, is one of the early pioneers of decentralized storage services, introduced with its white paper in 2014. Despite having a relatively lower market cap than FileCoin. But it was a pioneer in the concept of decentralized storage.
The Storj model involves thousands of node operators providing storage to users, paying a fraction of what they would pay for alternative centralized options such as Amazon Web Services (AWS), Google Cloud, or Microsoft Azure.
While Storj’s popularity has been overshadowed by its main competitors since its launch, the continued price increase shows that the protocol and its core token still have a very dedicated community and investor base. most of which are now benefiting from rising prices.
Sturgeon growth can be considered organic. Because no clear news seems to trigger the pump. Due to the fact that members of the Storj team may be planning to gradually liquidate their holdings, investors, especially those with profits at this time, may need to be cautious.
Crypto analytics insight provider Lookonchain observed that the Storj team moved 2.5 million STORJ tokens worth approximately $1.22 million to the Binance exchange as prices rose. While this amount is a fraction of what the team has. Any potential liquidation could significantly derail the cryptocurrency’s growth. And create a failure for investors all over the world.