$Storj, positioned as the 157th ranked cryptocurrency, has witnessed a substantial decline in its value, experiencing a loss of over 25% in the past 7 days.
Insights from on-chain activities reported by Lookonchain unveil a concerning trend. Over the last 17 hours, three whales, presumably acting as a single entity, deposited 30.78 million $STORJ (equivalent to $25.3 million) to Binance, constituting 7.24% of the total supply.
The sequence of events began with the whales accumulating 10 million $STORJ (amounting to $4.44 million) at a favorable average price of $0.44 during September and October. However, their subsequent move involved adding 20.8 million $STORJ at a higher price of $1.04 during the pump on December 17, resulting in an overall loss of $745,000 (-2.86%).
🚨 In the last 17 hours, three whales (likely one person) deposited 30.78M $STORJ ($25.3M, avg price: $0.82) to #Binance, accounting for 7.24% of the total supply.
Initially, the whales managed to accumulate 10M $STORJ ($4.44M) at a low avg price of $0.44 in Sep-Oct,
But then… pic.twitter.com/0nV9DbJlLW
— Spot On Chain (@spotonchain) December 26, 2023
This trend unfolded in the wake of Santiment’s recent revelation on X, indicating that $STORJ was among the cryptocurrencies exhibiting a negative sentiment ahead of the Christmas break.
$STORJ Price Action To Watch
As of now, $Storj is experiencing a 3% decline on the daily chart, directly correlated with the recent whale activity. The pronounced movements by these significant holders underscore the challenges and volatility that Storj faces in the current market conditions.
😒 As markets head into #ChristmasBreak, the coins that have been seeing particularly extreme negative sentiment include $STORJ, $ILV, $LTC, $DYDX. Historically, the assets with the most #FUD correlate with high likelihood of price bounces. 👀 https://t.co/N7XszdTyyQ pic.twitter.com/L96kfDEBYY
— Santiment (@santimentfeed) December 23, 2023
The continued dumping of $STORJ by whales contributes to the overall narrative of caution surrounding the token, emphasizing the impact of whale activities on the market dynamics of smaller cryptocurrencies. As Storj grapples with these challenges, its future trajectory remains uncertain, dependent on various market factors and investor sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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