Storj Token Crashes 34% as Traders Flock to Buy Ahead of Upbit Delisting Deadline
Storj Labs, the company behind the decentralized cloud storage platform STORJ, has seen its token experience a wild 60% spike followed by a 34% drop in just one day. This drastic price movement occurred as traders rushed to buy up the coin ahead of Upbit's delisting deadline, which takes effect on Sunday.
The STORJ token was trading at six and a half cents on Thursday, but had surged to seven and a half cents by Saturday morning, reaching levels it hadn't seen since spring. However, this spike was short-lived as the price dropped back down to under four cents in just 18 hours.
Storj Labs has been building its decentralized cloud storage platform since 2014, and the token itself dates back to a 2017 sale that raised around $30 million. This history is part of what makes this chart worth paying attention to, as it's not something that can be easily dismissed as noise.
The delisting notice from Upbit is particularly significant, as it was preceded by Binance's decision to remove STORJ from spot trading back in September 3rd. The top five wallets on Etherscan hold just over half of the coin's supply, and the token distribution is marked with a Gini coefficient of 0.9918, indicating extreme inequality.