Storj, a crypto storage token (STORJ), is on the rise. Its market value has doubled in just two days as its trading volume increases.

TradingView data shows that the native token for the protocol grew by 43% on Tuesday and reached a maximum of $0.58 on a Wednesday. Market capitalization for the token increased to $223 million from $143 millions on Monday.

Since publication, the token has retreated to about $0.42. Bitcoin (BTC), which is the largest cryptocurrency in the world, has traded flat for the last two days. It’s down a little on Wednesday.

The exact reason for the rally is unclear, but it appears that South Korea’s biggest cryptocurrency exchange, Upbit has seen a significant rise in the trading volume of the token. Colin Wu of news outlet WuBlockchain said that the exchange contributed 57% to STORJ’s trading volume.

Storj, which was founded in 2014, was designed to allow users to rent out underutilized computer capacity and be paid in tokens. Storj, one of the few crypto-backed cloud platforms that competes with Amazon and Google’s cloud storage services, is often described by its users as an alternative.

Ben Golub told CoinDesk that in May, 75% of Storj’s users had nothing to do crypto. Storj’s users include university students storing their scientific work and AI work as well as people who require video storage.

Golub said in May that “The University of Edinburgh, a large customer of ours stores a lot of its physics research at us.”

Filecoin (FIL), Storj’s competitor, did not see the same rally. It was trading 2% higher for the day.

Filecoin and Storj Tokens outperform bitcoin amid increased use of decentralized storage protocols

Aoyon A. Ashraf is the editor.