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(@golemproject) has sold 24,400 $ETH($72M) on #Binance, #Coinbase and #Bitfinex in the past 3 days, and currently holds 127,634 $ETH($372M).
Golem raised 820,000 $ETH through ICO in November 2016, when the price of $ETH was only $10.2.https://t.co/6c9yw07Sce… pic.twitter.com/wHHCRoQMEz
— Lookonchain (@lookonchain) July 8, 2024
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.
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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.
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