- South Korean crypto exchange, Upbit, is responsible for the STORJ token’s 48% rally
- The project team deposited a large batch of tokens onto Binance, raising concerns.
- Is reversal coming?
YEREVAN (CoinChapter.com) – STORJ, the in-house token of a decentralized storage network, soared 48% in the previous two days, reaching $0.51 in the Asian-Pacific session on July 5. Notably, Korean traders were the main contributors to the rally, pushing the coin on the Upbit exchange.
STORJ pumps on Upbit
According to coin tracker CoinMarketCap, Upbit is now responsible for nearly 60% of the overall STERJ liquidity, trading the STORJ/KRW pair, i.e., the South Korean won. Also, the token price on Upbit stood at $0.51, while Binance, which holds nearly 15% of the liquidity, traded the STORJ/USDT pair for $0.50.
Moreover, as a result of Korean traders’ spiking interest, the trading volume soared over 2,500% in the precious 24 hours and reached $610 million at the time of writing.
China-based crypto analyst and reporter Colin Woo also noted that “the annualized negative fee rate of STORJ U-standard contracts in Binance and Bitget reaches 820%.”
CAUTION, reversal warnings ahead
Meanwhile, according to data analytics firm LookonChain, the project’s team deposited 2.5 million tokens with $1.22 million onto Binance after the rally and currently holds over 11.5 million STORJ.
The team’s questionable behavior could indicate a possible reversal ahead if traders choose to secure their gains and exit the market. Notably, Storj is not a meme coin. It has been on the market since 2014. Thus, the team is unlikely to rug their investors. However, the large deposit to Binance could still spook them into a withdrawal.
UPDATE: As of 07:00 GMT, the token was unable to break the resistance at $0.53-0.55. However, if the Korean bulls keep pumping the coin, a push above the said bar appears likely.