The price of STORJ (“Storage”) is up just over 30 percent in the past 24 hours. According to CoinMarketCap, STORJ, the ETH token, is the 88th coin by market capitalization.
The token saw a significant increase thanks to Friday’s NFT update. STORJ reached an all-time high of $0.97, up 43 percent from its 24-hour low.
Currently, the coin is selling at $0.9273, a significant increase of 30.73 percent in the past 24 hours, according to CoinMarketCap statistics. Additionally, its market capitalization has increased from $245 million the day before to $371 million as of today.
STORJ is a shared cloud storage platform. Instead of sending files to huge data centers, users can just store them in separate host computers.
STORJ Gets Strong Support
Two requirements must be met to qualify as a host: a strong and fast Internet connection and terabytes of storage space. Users can earn money by storing other people’s files on their computers.
The announcement of major companies embracing STORJ to store unique tickets, music, NFT sports and gaming assets led to a sharp increase in the price of the token. Europa Labs, Amuzed and Ultimate Division are the company’s newest NFT clients.
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Amuzed is a blockchain-based music gaming platform that allows users to listen to the music of their favorite artists using NFTs. Ultimate provides participants with a football-themed metaverse where they can earn Ultimate Division Tokens (TKDS), while Europa Labs wants to improve the computational capabilities of customers on their preferred data platforms.
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Green candles showing bullish potential
Similarly, STORJ’s 24-hour trading volume rose more than 100%, to $408,455,560 – an increase of 127.94 percent.
By examining the daily chart of STORJ/USDT, the STORJ price has shown green candles since June 13th.
This trend continued with small retracements on the daily chart until Friday, when the token hit the top of a green candle of the move.
In the past 10 days, the asset’s price has increased by 130 percent, from $0.4005 to its current level of $0.80.
It remains to be seen whether the relatively unheard of cryptography will be able to sustain this growth in the future or if it will just be another “one hit” wonder.
Featured image from CyberBump, chart from TradingView.com