A low-cap altcoin is erupting in the last seven days as the broader crypto markets flash signs of strength toward the end of the week.
STORJ, the native asset of Storj, a decentralized protocol designed to provide an end-to-end encrypted cloud storage platform, has more than doubled its value in just one week.
From a seven-day low of $0.40, STORJ surged to a high of $0.96 to record gains of over 140%. The 205th-ranked crypto asset by market cap has slightly retraced since and is trading for $0.90 at time of writing. It does remain down over 72% from its all-time high of $3.23, which it hit in March of 2021.
Storj aims to provide affordable and “ridiculously resilient cloud object storage with blazing performance and zero-trust security,” according to its website.
The project recently announced the addition of three new non-fungible token (NFT) customers, including Europa Labs, Ultimate Division and AMUZED.
Explains Ben Golub, the chief executive of Storj,
“Storj is ideal for storing digital assets like NFTs because it brings enterprise-grade performance, durability and security to Web3. Minting platforms and brands can trust that their customers will always have instant access to their NFTs. Other pinning services use centralized services or decentralized platforms with limited availability. Storj brings a new standard of speed and permanence to NFTs and is excited to work with these visionary NFT platforms.”