Storj (STORJ) – A relatively unknown cryptocurrency

The price of STORJ (pronounced “storage”) has risen a little over 30 percent in the last 24 hours. According to CoinMarketCap, STORJ, an ETH token, is the 88th largest coin by market cap.

The token saw a significant surge thanks to the NFT upgrade on Friday. STORJ hit an all-time high of $0.97, up 43 percent from its 24-hour low.

The coin is currently trading for $0.9273, a notable increase of 30.73 percent in the last 24 hours, according to statistics from CoinMarketCap. Furthermore, its market capitalization skyrocketed from $245 million the day before to $371 million as of today.

STORJ is a shared cloud storage platform. Instead of sending files to massive data centers, users can simply store them on computers separate from the host.

STORJ Gets Strong Backing

Two requirements must be met to qualify as a host: a strong, fast Internet connection and terabytes of storage space. Users can earn money by storing other people’s files on their computers.

An announcement about major companies adopting STORJ to store unique tickets, music, sports NFT assets, and games caused a sharp increase in the price of the token. Europa Labs, Amuzed and Ultimate Division are the company’s newest NFT clients.

Suggested Reading | Top 5 cryptocurrencies take a huge beating in the ongoing market chaos

Crypto total market cap at $941 billion on the daily chart | Source: TradingView.com

Amuzed is a blockchain-based music gaming platform that allows users to listen to the music of their favorite artists using NFTs. Ultimate offers participants a football-themed metaverse game where they can earn Ultimate Division Tokens (TKDS), while Europa Labs wants to improve customers’ computing capabilities on their preferred data platforms.

Suggested Reading | Cosmos (ATOM) Price Rises 12% – Can It Break Through Resistance?

Green candles show upside potential

Similarly, the 24-hour trading volume for STORJ increased by more than 100%, reaching $408,455,560, an increase of 127.94%.

Examining the daily STORJ/USDT chart, the price of STORJ has been showing green candles since June 13.

This trend persisted with minor pullbacks on the daily chart until Friday, when the token posted its highest green candle of the move.

In the last 10 days, the price of the asset increased by 130 percent, from $0.4005 to its current level of $0.80.

It remains to be seen whether the relatively unknown crypto will be able to sustain this growth in the future or if it will be just another “one-hit” wonder.

Featured image from CyberBump, chart from TradingView.com

Leave a Comment