LD Capital: Storj Funding Update
I. Project Overview
Storj is an open-source decentralized cloud storage network aimed at providing censorship-resistant, secure, and cost-effective storage services, primarily targeting enterprise clients. A unique feature of the Storj network is the introduction of satellite that connect users with storage nodes, serving as coordinators within the network. Storj’s technical architecture revolves around data storage, retrieval, repair, data auditing, and reputation management for satellites and storage nodes. In terms of storage technology, Storj employs erasure coding to ensure file integrity, using satellites to manage and track data locations and audits. Storage services can be paid for using its native token.
II. Funding 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. The remaining circulating tokens are primarily concentrated in the hands of the team.
Spot Data
The top 10 holders account for 66.96% of the total token supply. Among them, Upbit holds 18.91%, ranking first in holdings; team multisig and time-locked addresses collectively hold 18.5%; other exchange holdings constitute 20.65%; and large holders hold 8.80%.
Based on historical tracking, several new addresses within the top 50 holders have consistently made significant withdrawals from exchanges in the last 60 days, holding 10.7% of the total token supply.
On the weekly K-line chart, STORJ has surpassed this year’s price high and the bottom range. The average price of intense transactions at the bottom is $0.5353, with relatively evenly distributed chips above.
STORJ has traded $84 million in the past 24 hours on Binance, accounting for 32% of the circulating market value. Looking at the current Binance spot order book, major orders are concentrated in the order book, with funds distributed relatively evenly. Large sell orders are concentrated at $0.6, and short-term resistance for large buy orders may be concentrated at $0.75. (Beware of market sell-offs and cancelation of bottom orders.)
Contract Data
From the 1-day K-line data of STORJ, we observe that active buying started on September 9, leading to a price increase. Starting from October 10, during a month-long consolidation period with no significant selling volume, we believe that the main force was still present. Active buying for STORJ rapidly increased on November 9, driving prices to break through the long-term consolidation range. Simultaneously, with an increase in the long-short ratio of large holders and a decrease in the overall account long-short ratio, large holders and retail traders formed opposing forces.
In Summary: Due to the overall positive market sentiment, the market is currently in an uptrend. In the previous market movement, STORJ’s main spot holdings were withdrawn from exchanges to coordinate with contract positions, completing a bullish trend. During the October consolidation period, there was no selling of spot assets, and there was no significant increase in spot selling on the contract level. Therefore, the current uptrend may be driven by the same group of main capital. It is important to note that the team holds a significant amount of tokens and has been continuously selling small amounts of tokens.
LD Capital
As a global blockchain investment firm, we have built a portfolio of over 250 investments since 2016, spanning across various sectors, including infrastructure, DeFi, GameFi, AI, and the Ethereum ecosystem. We focus on investing in projects with disruptive innovations, actively taking on the role of primary investors, and providing comprehensive post-investment services to these projects. We employ a combination of direct investment from our own funds and a distributed fund model to cover all-stages of investment.
Trend Research
Trend Research division specializes in crypto hedge funds focusing on secondary areas within the crypto market. Our team members come from top platforms and institutions like Binance and CITIC. We excel in macroeconomics, industry trends, and project data analysis, with trend, hedge, and liquidity funds.
Cycle Trading
We specialize in Web3 project investment and service, with a strong emphasis on Infra, applications, and AI. We have a team of nearly 20 senior engineers and dozens of crypto experts as advisors, assisting projects in strategic design, capital platform relations, and liquidity enhancement.
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