The Storj team has resumed depositing tokens into Binance after a seven-month hiatus, transferring 5 million STORJ tokens (worth approximately $2.99 million) via GSR Markets.
This move comes after a long period of inactivity and mirrors previous patterns observed in late 2023 and early 2024.
Last year, on November 9, 2023, Storj began regular deposits of STORJ tokens to Binance as soon as the price increased. This activity continued until March 15, 2024, with the team depositing a total of 37.9 million STORJ at an average price of $0.809, netting approximately $30.64 million.
Following these deposits, the price of STORJ often experienced downward pressure—a behavior that appears to be repeating now.
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
Currently, the wallet “0x6e6” still holds 1.54 million STORJ tokens, valued at around $920,000, indicating that further movements could follow.
$STORJ Price Action To Monitor
In the past 24 hours, the price of STORJ has surged by 27.64%, a significant jump that coincided with the deposit of 10 million STORJ tokens (valued at $5 million) into Upbit, just 10 hours ago. This price spike is consistent with previous occurrences, where the token price increased before large deposits were made by the Storj team, followed by a sell-off. The team has quietly capitalized on these price increases, profiting from the elevated market conditions.
10 hours ago, 10M $STORJ, valued at $5M, was deposited into @Official_Upbit . Ironically, the price surged over 25%, a pattern that happens every time. Then, the @storj team quietly deposits their tokens to the exchange and sells. Impressive.https://t.co/4Fa977WzoD https://t.co/LW7SnSXlii pic.twitter.com/Eigs0N7W8g
— Bradley Park (@0249bpark) October 16, 2024
The repetitive nature of these price spikes, followed by deposits and sales, has raised eyebrows in the crypto community, particularly as the price consistently pumps prior to the team’s token transfers. Despite the impressive price movements, traders are cautious, given the potential for another price decline following these large deposits.
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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