Amidst the volatile landscape of cryptocurrencies, the decentralized cloud storage token STORJ has charted an impressive rise of over 46% in the last 24 hours. This surge in price paints a bullish outlook against the backdrop of a general cryptocurrency price slump, heavily influenced by market giants, Bitcoin and Ethereum. STORJ currently stands tall at a trading price of R7.45 ($0.50), marking an incredible 46.2% increase over the last day and a staggering 91% increase within the last week.
The STORJ/KRW trading pair on Upbit, South Korea’s leading cryptocurrency exchange, has notably contributed to this surge. This pair currently represents a whopping 57.04% of the total trading volume of this crypto asset, as indicated by CoinMarketCap data. This stark increase in trading activity can be attributed to the South Korean retail traders’ inclination towards pumping coin prices.
However, the price increase isn’t exclusive to the Korean market. On Binance, one of the most prominent international cryptocurrency exchanges, the STORJ/USDT trading pair is trading at a close R7.34 ($0.4917).
The Storj project was first conceived back in 2014 and underwent a significant upgrade in 2019. Founded by Shawn Wilkinson and John Quinn, Storj Labs leverages blockchain technology and peer-to-peer protocols to provide a private, secure, and decentralized cloud storage system.
Initially launched on the Bitcoin blockchain, Storj migrated to Ethereum in 2017. The same year, Storj Labs garnered significant investment, raising about R6.86 million ($460,000) in a public sale and later securing $30 million in a token sale. The project’s notable backers include major venture capital firms such as Google Ventures, Qualcomm Ventures, and Techstars Ventures.
At present, of the total supply of approximately 424.999 million STORJ tokens, nearly 408.576 million are in circulation, giving it a substantial market capitalization of R3.06 billion ($205,380,775).
Decentralized storage solutions like Filecoin, Storj, and Arweave harness the power of blockchain technology. They function by segmenting data into smaller units and storing them across a network of pseudo-computers or nodes. Such a model ensures a more secure and resilient storage system, as file protection is upheld by a multitude of stakeholders rather than a single entity. This decentralised data storage model may offer South Africa and other developing nations a viable option to safeguard their digital assets, contributing to an increased interest in tokens like STORJ.