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Weekly increase of over 60%, LD Capital analyzes STORJ's funding situation.

LD Capital

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The team holds a large amount of tokens and continuously sells small amounts.

Original Title: "LD Capital: Storj Fund Update"

Original Author: LD Capital

1. Project Introduction

Storj is an open-source decentralized cloud storage network that aims to provide censorship-resistant, secure, and affordable storage services primarily for enterprise-level customers. The network introduces a satellite role to connect users with storage nodes as coordinators. Storj's technical architecture mainly focuses on data storage, retrieval, and repair, as well as data auditing and reputation management for satellites and storage nodes. In terms of storage technology, Storj uses erasure coding to ensure file integrity and satellites to manage and track data location and auditing. Storage services can be paid for using its token.

二、资金面情况

translates to

2. Financial Situation

According to Coinmarketcap, the total supply of STORJ tokens is 425 million, with a circulating supply of approximately 371 million, accounting for 87.29% of the total supply. The remaining circulating tokens are mainly held by the team.

Spot Data

The top 10 holders own 66.96% of the total token supply. Among them, Upbit holds the largest amount of tokens at 18.91%. The team's multi-signature and time-locked addresses hold 18.5% of the tokens. Other exchanges hold 20.65% of the tokens, while large holders own 8.80% of the tokens.

According to historical tracking, multiple new addresses within the top 50 holding addresses have continuously made large withdrawals from exchanges within the past 60 days, with the amount of tokens held accounting for 10.7% of the total supply.

Source: Nansen, LD research

From the weekly K-line perspective, STORJ has broken through this year's price high and bottom range. The average price of intensive transactions at the bottom is 0.5353 US dollars, and the chips are distributed relatively evenly above.

STORJ had a trading volume of 84 million US dollars on Binance in the past 24 hours, accounting for 32% of its circulating market value. Based on the current Binance spot order book, the main orders are concentrated in the order book, and the distribution of funds is relatively even. Large sell orders are concentrated at a price of 0.6 US dollars, and short-term large sell orders may face resistance at a price of 0.75 US dollars. (Be cautious of market sell-offs and bottom order cancellations.)

Contract Data

From the STORJ 1-day candlestick chart data, it can be seen that STORJ's active buying started to increase and the price rose from September 9th. Starting from October 10th, in the absence of significant selling pressure, STORJ underwent a one-month consolidation period, during which we believe that the main force still existed. STORJ's active buying volume rapidly increased on November 9th, driving the price to break through the long-term consolidation range. At the same time, the long/short ratio of large holders increased, while the overall long/short ratio of all accounts decreased, forming a long/short battle between large and small holders.

Summary

Due to the overall positive sentiment in the market, the market is in an overall upward trend. In the previous wave of market trends, STORJ's main spot market completed a wave of upward trends by withdrawing from the exchange and building positions through contracts. During the consolidation period in October, there was no selling behavior in the spot market, and there was no increase in selling volume at the contract level. Therefore, the current upward trend may be completed by the same group of main funds. It should be noted that the team holds a large amount of tokens and is continuously selling small amounts of tokens.