Developers of decentralized cloud storage platform Storj transferred a large amount of its native token STORJ to cryptocurrency exchange Binance.
According to the data, the Storj team deposited a total of 6.25 million STORJ altcoins worth approximately $2.14 million to Binance through GSR Markets, a liquidity provider and market maker for digital assets.
This isn't the first time Storj developers have moved their tokens to Binance. In June 2023, the team deposited 5 million STORJ tokens to the same exchange, worth approximately $2.55 million at the time. However, the market's reaction at that time was different. After the deposit in June, the price of STORJ fell by 78% in a few days, falling from $0.51 to $0.28.
On the other hand, this time the price of STORJ increased by 34% in the last week since the deposit, from $0.28 to $0.38. The price of the token has also risen during the day and is trading at $0.3842, up 2.88% at the time of writing.
*This is not investment advice.