Data Insights: Analysis of Storj Network Token Circulation and Holding Trends
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Data Insights: Analysis of Storj Network Token Circulation and Holding Trends
A key feature of the Storj network is the introduction of the satellite role, which connects users with storage nodes and acts as a coordinator within the network.
Navigating Web3 tides with focused insightsI. Project Overview
Storj is an open-source decentralized cloud storage network whose primary goal is to provide censorship-resistant, secure, and affordable storage services, mainly targeting enterprise-level clients. A key feature of the Storj network is the introduction of "satellites" that act as coordinators connecting users with storage nodes. The technical architecture of Storj revolves around data storage, data retrieval, and data repair, while also incorporating data auditing and reputation management for both satellites and storage nodes. For data integrity, Storj employs erasure coding and uses satellites to manage and track data locations and audits. Storage services can be paid for using its native token.
II. Fundamentals and Market Data
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. The remaining non-circulating tokens are primarily held by the team.
Spot Market Data
The top 10 holders collectively own 66.96% of the total token supply. Among them, Upbit holds 18.91%, ranking first; multi-signature and time-locked team addresses hold 18.5% combined; other exchanges hold 20.65%; large private holders (whales) hold 8.80%.
Historical tracking shows that multiple newly created addresses among the top 50 holders have continuously withdrawn large amounts of tokens from exchanges over the past 60 days, accumulating holdings equivalent to 10.7% of the total supply.
Source: Nansen, LD Research
From a weekly chart perspective, STORJ has broken above both its yearly price high and previous consolidation range. The dense trading zone at the bottom had an average cost of $0.5353, with relatively even distribution of holdings above this level.
Over the past 24 hours, STORJ recorded a trading volume of $84 million on Binance, representing 32% of its circulating market cap. Current order book data on Binance shows concentrated orders near the spread, with relatively balanced buy and sell depth. Large buy orders are clustered around $0.60, while short-term resistance from large sell orders may appear near $0.75. (Caution is advised regarding potential market sell-offs and withdrawal of large limit buy orders.)
Futures Market Data
From the daily K-line data of STORJ, active buy orders began increasing from September 9, accompanied by rising prices. Starting October 10, despite no significant increase in selling volume, STORJ entered a one-month consolidation phase, during which we believe the main controlling force remained active. On November 9, active buying surged again, driving price sharply higher and breaking out of the long-term consolidation range. This move coincided with an increased long-to-short ratio among large holders and a decreased overall account long-to-short ratio, indicating that large traders and retail investors are taking opposing positions.
Summary
Due to the overall positive market sentiment and a broad uptrend across the market, STORJ previously experienced a rally driven by major players withdrawing spot holdings from exchanges and building positions via futures contracts. During the October consolidation period, there was no evidence of significant spot selling or increased selling pressure in the futures market, suggesting that the current upward momentum may also be driven by the same group of dominant capital. It should be noted, however, that the project team still holds a large amount of tokens and continues to gradually offload them in small increments.
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