Just yesterday this author was published on this very website saying that he believed dollar parity for Storj was a possibility. All week long we witnessed significant price pick-ups on the token which compensates those who participate in the decentralized Storj storage network by providing storage space.
A speculation-driven coin for the most part (unless or until Storj Labs require it to be used for purchase of cloud storage), the author and anyone watching attributes the increases to the work of Protocol Labs building hype around Filecoin, something which investors will have a harder time participating in than they do Storj.
Then, today, we saw that over the past 24 hours Storj tokens have been going for as high as $2.22 on some exchanges.
This is despite the fact that one of the largest asset and altcoin exchanges, Poloniex, has still not removed the old Counterparty asset SJCX or stopped trading on it, and has yet to list the new Storj Ethereum asset token.
As you can see, they still expect a Bitcoin-based Counterparty token to be used in Storj, despite the switch to Ethereum having been done for months now.
According to Storj Labs themselves, the sky really is the limit. From a blog earlier this year over-viewing the transfer from Counterparty to the Ethereum blockchain:
Analyst predictions estimate the cloud storage market could surpass $65 billion by 2020 (source: MarketsandMarkets Research). Now that we have a fully functional distributed and decentralized cloud storage platform, we believe this will give us the means to tackle this massive market head-on by building more tools and integrations.
One would hope that Storj, being fundamentally in tune with the crypto economy, would force the issue and convert all funds incoming to Storj tokens. As such, the value of Storj tokens would be on a constant up. Similarly, by default accepting Storj tokens for purchases from all over the world would be a plus. The idea is to build a global network, after all, not just one within the walls of the fiat transaction processors.
Offering the token offers other opportunities. People should be able to go to ShapeShift, for instance, and buy the token, then use it for whatever they want – either speculating or buying cloud storage from Storj. This would be a more ideal situation for the coin, but it seems that speculation around it is positive at this point in any case.
Disclaimer: the author is an active Storj holder and participant.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:37 AM UTC