Storj Team Deposits Additional Tokens To Binance Amid Price Increase

The Storj team recently made another significant deposit of $STORJ tokens to Binance, adding to their existing holdings on the exchange. 

According to on-chain reports from Spotonchain, the team deposited an additional 2 million STORJ tokens, valued at $1.43 million, at a price of $0.715.

This latest deposit adds to the team’s previous transactions, totaling 28.9 million STORJ tokens, equivalent to $23.7 million, since November 9, 2023. 

Interestingly, historical data suggests that the STORJ price tended to experience drops following the team’s deposits.

STORJ Price Action To Monitor

As of now, the Storj team’s address holds 7.97 million STORJ tokens, valued at $5.7 million. Despite the recent deposit, the STORJ price has surged by 17.38% in the past 24 hours.

The surge in STORJ’s trading volume, which has increased by over 350%, reflects heightened market activity. 

However, following the Storj team’s on-chain transaction, the price has experienced a slight decline from its 24-hour high of $0.72 to its current price of $0.67.

The Storj team’s strategic moves in depositing tokens to Binance amid price increases and subsequent drops raise questions about their market strategy and the potential impact on STORJ’s price dynamics. 

Observers will closely monitor how these transactions influence market sentiment and trading behavior in the coming days.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.