Golem’s Ethereum Sell-Off: Offloads 24,400 ETH

Golem, a project that rode the 2016 initial coin offering (ICO) wave, has sold a substantial amount of Ethereum (ETH) over the past few days.  

According to blockchain analytics firm Lookonchain, Golem has sold 24,400 ETH, worth approximately $72 million. The ETH was moved to major exchanges, including Binance, Coinbase, and Bitfinex, over a three-day period.

Golem still holds 127,634 Ethereum

Despite this major sale, Golem still holds an impressive 127,634 ETH, valued at around $372 million. The project raised 820,000 ETH through its ICO in November 2016.

Back in November 2016, Ethereum was priced at just $10.2. This early investment has clearly paid off, with Golem now sitting on a substantial crypto treasury.

Data from Arkham Intelligence reveals that Golem’s main wallet consistently transfers ETH to other wallets, which then send the funds to various exchanges. These transactions, mostly under $10 million each, occur daily.

Having raised $8.7 million in its 2016 ICO, the project positioned itself as a decentralized marketplace for computing power. The project allows users to rent out unused computational resources in exchange for Golem’s GLM tokens.

Large sell-offs from early ICO projects can potentially impact ETH prices, especially during times of market volatility. However, Golem has been maintaining a measured approach to offloading its Ethereum holdings.

The news of the sale surfaced when Ethereum and the overall market conditions were in a downtrend. ETH is down 12.5% in the last seven days. However, ETH has reclaimed the $3,000 level in the last 24 hours.


Also Read: Mt. Gox Bitcoin Distribution Effects: Industry Veterans Weigh In

Vignesh Karunanidhi

Vignesh Karunanidhi is a crypto journalist with a knack for making complex financial topics accessible and entertaining. Through his engaging writing style and strong social media presence, he have built a dedicated community of crypto enthusiasts eager to stay informed about the latest market trends and innovations. Additionally, Vignesh offers valuable perspectives on the factors driving crypto prices.

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