In a significant development for Storj, the decentralized cloud storage leader has resumed large-scale token deposits to Binance after a seven-month pause. Deposit to Binance could likely mean that they are preparing to sell. According to data from the on-chain analytics platform Spot On Chain, the Storj team deposited 5 million $STORJ tokens (worth approximately $2.99 million) to Binance via GSR Markets, following a 24% price rebound earlier today.
The @storj team resumed depositing 5M $STORJ ($2.99M) to Binance via GSR Markets 3 hours ago after the price rebounded 24% today!Notably, this is the team’s first deposit in 7 months. It seems they are following a similar pattern from Nov 2023 to Mar 2024, when they deposited… https://t.co/GKG2tEyETD pic.twitter.com/ABMw2eQWNm
— Spot On Chain (@spotonchain) October 16, 2024
Storj Resumes Token Deposits After Price Surges
This marks the first major deposit by Storj since a series of similar actions between November 2023 and March 2024. During this period, the team transferred a total of 37.9M $STORJ tokens to Binance at an average price of $0.809, amounting to $30.6 million. These deposits, often made after price increases, were followed by notable price drops.
Storj has a history of making strategic moves, with their previous deposit occurring on November 14, 2023, when 1.5 million $STORJ tokens (worth $1.14 million at the time) were sent to Binance. This followed a 65% rise in the token’s price over the preceding week, signaling a pattern of timing deposits during price surges.
Storj’s Latest Deposit Sparks Fears of Potential Token Dump
Storj’s current deposit comes as the token’s price saw a strong recovery, indicating a potential repeat of past behavior. Investors and market watchers may be cautious of the possibility of future price drops following today’s rebound. With Storj’s leadership in distributed cloud storage and its strategic token movements, these transactions remain a focal point in the crypto community.
Moreover, TokenInsight data shows that the Storj team and founders kept 85.59% of the initially distributed coins. This could raise fear of dumping among likely investors especially after today’s deposit to Binance. As the market anticipates further actions from Storj, the team’s tactical deposits continue to underscore the volatility and strategic maneuvering in the crypto landscape.
