Saturday, March 2, 2024

Crypto storage token, Storj (STORJ), has rallied over the last two days, doubling its market value as it sees an increase in trading volume.

The native token of the protocol witnessed a 43% rise on Tuesday, and reached a high of $0.58 on Wednesday, according to data from TradingView. The market capitalization of the token reached a high of $223 million on Wednesday from $143 million on Monday.

The token has since retreated slightly to around $0.42 at the time publication. Bitcoin (BTC), the world’s largest cryptocurrency, has been trading flat over the past two days and is down slightly on Wednesday.

There appears to be little evidence over what is exactly driving the rally but the uptick comes as South Korea’s largest cryptocurrency exchange, Upbit, witnessed a significant increase in trading volumes for the token. The exchange contributed 57% of STORJ’s spot trading volume, according to Colin Wu, at news outlet WuBlockchain.

Storj was created in 2014, and was built to take underutilized capacity on computers and let users rent it out to then be compensated in tokens. Storj is one of a few competing crypto-backed cloud storage platforms and is often described as an alternative to cloud storage platforms like those offered by Amazon or Google.

Ben Golub, CEO at Storj, told CoinDesk in May that 75% of its users have nothing to do with crypto. Their users range from university’s storing scientific work, AI work to people who need to store video.

“The University of Edinburgh is a big customer of ours, they store a lot of their physics research with us,” said Golub in May.

Filecoin (FIL), a competitor of Storj’s, has not witnessed the same rally and was trading around 2% higher on the day.

Read more: Filecoin, Storj Tokens Outperform Bitcoin Amid Increased Use of Decentralized Storage Protocols

Edited by Aoyon Ashraf.

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