Today’s article begins by addressing the question, “What is the Storj crypto project?” As such, we’ll explore the ins and outs of Storj Labs and provide an overview of this project, which was established in 2017. Considering Storj’s substantial presence over the years, we’ll also explore its historical background. Moving forward, we’ll touch upon crucial aspects like the project’s team, social presence, community, and more.
Shifting our focus to the STORJ token, we’ll tackle the question, “What is the STORJ crypto asset?” As we address that question, we’ll examine how $STORJ integrates into the Storj project and clarify the token’s use case. Furthermore, we’ll explore the cryptocurrency’s tokenomics, assisting you in evaluating the potential profitability of holding the STORJ coin. Our attention will then turn to analyzing the asset’s price action, incorporating basic technical analysis (TA), and offering a speculative STORJ coin price prediction. Additionally, we’ll explore potential factors influencing the recent rally of the token.
However, we won’t just stop at analysis. We’ll introduce you to the capabilities of Moralis Money, empowering you to assess whether $STORJ aligns with your investment goals. For those considering acquiring $STORJ, we’ll provide insights into where and how you can do so in a wallet-friendly and user-friendly manner.
So, what is Storj? Follow along as we dive into this question in the next section!
What is Storj? Exploring Storj Labs
Storj is a revolutionary project that went live in 2017, and it was one of the first crypto projects to reimagine the landscape of cloud storage. It did so through the lens of decentralization. At its core, Storj offers users a paradigm shift from traditional centralized storage solutions. The project enables a peer-to-peer network where individuals can rent out their unused storage space. By participating as storage providers, individuals can earn crypto.
The project, founded by visionary minds, places a strong emphasis on security, efficiency, and user control. Storj Labs, the driving force behind the project, has navigated through significant milestones, fostering a community-driven ecosystem where passionate contributors play a pivotal role in shaping the future of decentralized storage.
With a suite of innovative products designed for secure file storage and data archiving, Storj is not just a solution but a commitment to a more accessible, secure, and user-centric digital future.
History of the Storj Crypto Project
In the ever-shifting landscape of decentralized innovation, the tale of Storj has rather early beginnings. Let’s rewind the clock to 2014, a time when blockchain’s potential was just starting to cast its spell on the tech realm.
Our story begins with the brainchild of Shawn Wilkinson and John Quinn – Storj Labs. This dynamic duo came up with a vision to revolutionize cloud storage. They pictured a world where unused storage space could be harnessed, shared, and decentralized. As you can imagine, the concept was quite audacious – it sent ripples through the tech cosmos.
The Storj narrative took root in a whitepaper, the manifesto of a decentralized storage utopia. This document was published in July 2014, which laid the blueprint for a peer-to-peer network where storage wasn’t just a commodity but a community-driven ecosystem.
As Storj Labs gained traction, a community of tech lovers rallied behind the cause. The team expanded, absorbing talents from diverse tech realms. By 2017, Storj had transformed from a conceptual marvel to a tangible force in the decentralized storage arena.
The transition from alpha to beta marked a significant milestone, offering users a glimpse into the decentralized storage future. Storj’s open-source spirit fueled its growth, attracting developers and contributors who believed in the promise of a distributed, trustless storage network.
Fast forward to the present, and Storj stands tall, a testament to the potential of decentralized tech. It weathered the storms of tech challenges and market shifts, emerging as a robust alternative to traditional storage solutions. Its journey reflects not just the evolution of a project but the endurance of an idea – a vision for a future where storage isn’t just in the cloud but in the hands of a community united by a decentralized dream.
How Does Storj Work?
There are four stages to consider when understanding how Storj’s storage functions. These stages are as follows:
- Encrypt – Using the AES-256-GCM encryption, the Storj crypto storage solution first secures all objects entering its ecosystem.
- Split – The second step of Storj’s workflow revolves around splitting encrypted data into pieces. These pieces are indistinguishable from any other object’s pieces.
- Distribute – Then, Storj takes these pieces and distributes them individually in a decentralized manner. It does so by sending them to uncorrelated nodes that are dispersed around the world. This step concludes the storing part.
- Retrieve – Of course, storing data is just a part of any storage solution – retrieving it is equally important. Storj makes this user friend by requiring only 29 pieces of an object to reconstruct its data for download.
Note: If you are interested in diving into the technical aspects of how the Storj crypto storage works, make sure to explore the project’s whitepaper and documentation.
Storj’s Core Advantages
As we explore Storj, it’s also important to point out Storj’s main advantages as presented by the project’s official website:
- S3-Compatibility – With Storj’s S3-compatible gateway, the project aims to make integration of this decentralized storage solution user-friendly.
- Performance – Storj promises fast and consistent data uploads and downloads from any location. It also ensures proper optimization for larger files.
- Sustainability – The project also promises that its storage solutions have a very low impact on the environment. In fact, it claims that you can cut your cloud storage carbon footprint by over 80% by using Storj.
- Availability and Durability – By deploying a default multi-region, globally distributed storing method, Storj ensures that your data is always available and durable.
- Security and Privacy – All data on Storj is encrypted end-to-end, broken into erasure-coded pieces, and distributed globally. In turn, only its owner, who holds the encryption keys, can access it.
If you find the Storj project and its data storage solution interesting, make sure to visit “storj.io.” There, you can dive deeper into the “What is STORJ crypto?” question and even take their solution for a spin.
What is the STORJ Cryptocurrency?
STORJ is a cryptocurrency designed for the STORJ network. It serves as the native token within Storj’s decentralized cloud storage platform. Furthermore, $STORJ lives on the Ethereum network, following the ERC-20 token standard. We have a separate section below examining the tokenomics of the STORJ crypto.
What is the STORJ Crypto Used For?
The primary purpose of the STORJ token is twofold. On the one hand, it facilitates transactions, and on the other hand, it incentivizes users to contribute their unused storage space to the network. Moreover, $STORJ plays a vital role in the Storj peer-to-peer ecosystem by fulfilling its purpose. This allows individuals to earn by renting out their storage resources to others. And the STORJ token plays a central role in enabling these transactions within the platform.
- Token name: Storj Token
- Symbol/ticker: STORJ or $STORJ
- Network: Ethereum
- Token type: ERC-20
- Smart contract address: 0xB64ef51C888972c908CFacf59B47C1AfBC0Ab8aC
- Total supply: approximately 425 million $STORJ (not capped – the token is mintable)
- Minting timestamp: June 19, 2017, at 16:16:35 (+UTC)
Is STORJ a Good Crypto?
Unlike many other cryptocurrencies, the STORJ token has a tangible use case. No one can argue the importance of a reliable cloud storage solution. And as the area of decentralized storage starts to emerge, Storj’s future seems bright.
So, from a technical perspective, the STORJ coin serves its purpose. Plus, it also has a proven track record. After all, while many cryptocurrencies have come and gone, $STORJ has been serving its purpose.
That said, it’s safe to say that STORJ is definitely one of the good cryptos. However, that doesn’t automatically mean it is also a good investment. After all, solid fundamentals are just part of the equation. But according to $STORJ’s recent rally, the pumpamentals may also be on this crypto’s side.
Can You Make Money with STORJ?
By covering the above content, you know that the project allows you to become a storage provider. So, those who qualify can start making money by earning STORJ in return for renting their excess storage.
Of course, like with any other cryptocurrency, there are also potential profits to be made by speculation on the STORJ price. As such, there are many crypto trading strategies that can make money for $STORJ traders/investors. For instance, a simple spot trade could have quadrupled your money if you were to buy $STORJ on September 2, 2023, and sold it on November 9, 2023. So, that’s a 4x on the initial investment in just over two months.
So, can you make money with STORJ? Heck, yes! But you need the right tools to spot the upcoming price moves based on real-time on-chain data. Fortunately, user-friendly on-chain analysis is Moralis Money’s specialty.
Full STORJ Crypto Analysis
The above line chart shows the entire $STORJ crypto price action. It clearly indicates the high of the 2017 – 2018 bull run and the 2021 bull run with green peaks. Moreover, following each cycle’s top, you can also see the bearish periods. As such, it is quite clear that like most cryptocurrencies, $STORJ follows the beat of Bitcoin and the crypto market as a whole.
The $STORJ listing price back in July 2017 was $0.5. However, the asset didn’t stay at that level for long. The first 2017 rally took the token just over $1.4, while the market top pushed it noticeably higher to around $2.5. So, given the relatively high listing price, the STORJ token offered only 5x returns during its first cycle. Since many altcoins offer 50x-plus price increases, this wasn’t impressive.
The 2018-2020 bear market brought $STORJ significantly lower than its listing price. The token’s all-time low (ATL) came in on March 13, 2020, at approximately $0.048. From that level, the asset started to climb with the rest of the market. It peaked about one year later at $3.91 (ATH), for a maximum of 81x increase in value.
The second peak, which took place in late 2021, came a bit short of the token’s ATH. Following that local high, the STORJ price plummeted with the rest of the crypto market. By the end of 2022, it reached the $0.25 region. However, the cycle’s lowest point came in August 2023, at around $0.22. From that level, the asset started to recover and rallied all the way to $0.90 by November 9, 2023.
At the time of writing, STORJ is trading at $0.78.
There are many advanced TA tools and indicators we could use in this part of today’s “What is Storj Crypto?” article. However, we prefer to keep things simple; therefore, we decided to stick to the basics, such as key levels of support and resistance. So, here are the approximate values of the most important levels for $STORJ:
Note: Keep in mind that the exact levels vary depending on the chart. Hence, it’s best to access a live $STORJ price chart and draw your own lines using the above values as guidelines.
The recent $STORJ rally pushed the asset’s price above several important levels, which is a sign of strength. The Money Line indicator agrees as it is flashing a bullish signal on daily and weekly timeframes:
Note: By opting for a Moralis Money Starter or Pro plan, you can use the Money Line indicator for free.
STORJ Coin Price Prediction
Before we offer any STORJ coin price prediction, please note that crypto price predictions are highly speculative. After all, due to the extremely volatile nature of cryptocurrencies, no one really knows what the future holds. All we can do is guess.
So, the best method is to use live prices combined with real-time, on-chain metrics and develop your short-term STORJ coin price prediction as the cycle evolves.
With that said, the most likely $STORJ predictions revolve around the above-outlined levels of significance. Based on the recent run of this well-established asset, it wouldn’t be surprising if STORJ set its new ATH in the upcoming bull run.
If that scenario were to play out, the STORJ token would enter its price discovery mode. This allows us to come up with a rather optimistic STORJ coin price prediction using the Fibonacci retracement tool. And its “4.236” extension points to $15.5:
Why is STORJ Breaking Out?
There was no special announcement or development progress from the Storj project in September and November 2023. Hence, it is safe to presume that the recent 300% rally was ignited by the positive crypto market conditions in general. Plus, there is some extra buying pressure for this particular asset.
If you want to be able to spot these kinds of moves before they happen in the past, make sure to use Moralis Money. With paid plans, you can set advanced signals that will help you spot any shifts in the on-chain momentum.
Is the STORJ Crypto a Good Investment?
By using this article, you should be able to decide whether or not you like the Storj project. If yes, you should research the project and the STORJ crypto token further. And the best place to do this is the Moralis Money $STORJ page. It provides you with all the links, resources, and tools to answer the above question with confidence.
For instance, if the token is finding support on top of one of its levels of significance and is at the same time gaining on-chain momentum, it may be a good time to take action. To check out the $STORJ live price, focus on the “Price Chart” section. As for the on-chain activity, make sure to view the alpha metrics on different timeframes:
So, follow the above “$STORJ” link or use the interactive widget below. By doing so, you’ll be able to determine if this asset is a good investment for you:
Where and How to Buy Storj Labs $STORJ
If you decide to buy Storj Labs $STORJ, you have many markets to choose from. However, most of them are centralized exchanges. So, if you believe in decentralization, you will want to avoid taking that path. Instead, there is a fully decentralized, safe, and cheap option awaiting you right on the Moralis Money STORJ token page:
As you can see in the above screenshot, this Moralis Money instant crypto swap feature already preselects STORJ as a target token. As such, you just need to connect your Web3 wallet, select the asset you wish to use, enter its amount, and execute the swap.
In case you need additional guidance regarding your crypto-swapping activity, view the animation below or read or guide on how to swap ERC-20 tokens.
What is Storj? Exploring the STORJ Crypto Project and Coin – Key Takeaways
- Storj is Storj Lab’s crypto project that started in 2014.
- What is the Storj crypto project all about? Its focal point is a decentralized P2P storage solution.
- What is the STORJ crypto token? It is the native cryptocurrency of the Storj ecosystem that powers transactions between storage providers and storage users.
- The $STORJ price has been fluctuating with the rest of the crypto markets in the past two cycles. And the recent rally also coincides with Bitcoin’s move up.
- Given that STORJ increased by more than 300% in less than 70 days, it is showing significant strength. As such, our STORJ coin price prediction points towards the asset’s new ATH sometime in 2024 or 2025.
- To determine if/when to buy $STORJ, use the Moralis Money token page for that asset.
- If you decide to buy $STORJ in a decentralized and user-friendly manner, use the instant crypto swap feature on the Moralis Money $STORJ token page.
It’s a fact that given the STORJ’s recent rally, it is one of the best-performing assets among the well-established altcoins in 2023. However, countless other altcoin opportunities deserve your attention. After all, those 100x and even 1000x gains typically hide in new tokens. As such, make sure to start using Moralis Money’s core feature – Token Explorer. It provides you with the best crypto insights, which enables you to spot the best altcoin opportunities. It is also the best tool to find the next crypto under a penny to boom.
Essentially, with Moralis Money in your corner, you can finally become a successful crypto trader!