Four anonymous wallets have accumulated over 40 million STORJ tokens (worth $19.72 million) in the past month, representing 9.55% of the total supply, according to on-chain analytics firm LookOnChain. This massive accumulation comes as the STORJ price has skyrocketed over 100% during the same period.
LookOnChain speculates these movements may be from large ‘whale’ investors stockpiling STORJ in anticipation of further price increases. However, they also warn that if and when these whales choose to sell their accumulated tokens, it could spark a major correction in the STORJ market.
“If you want to short STORJ, paying attention to when these 4 wallets sell-off will be helpful,” stated LookOnChain via X (Twitter).
STORJ is the native token of the Storj decentralized cloud storage network. Storj allows users to rent out spare hard drive space in exchange for STORJ tokens, aiming to provide a more secure and affordable alternative to centralized cloud storage providers.
The recent price boom has elevated Storj into the top 100 cryptocurrencies by market capitalization, as investors bet on increasing enterprise and consumer demand for decentralized storage solutions. The 4 mystery wallets have positioned themselves to potentially make massive gains should this bull run continue.
However, the concentrated holdings also introduce risks, as coordinated sell-offs from large STORJ whales could lead to sudden price crashes. For now, the blockbuster gains have continued unabated. But many traders are keeping a close eye on these whales’ movements to time their entries and exits accordingly.
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