According to the analytics account Lookonchain, over the past three days, the decentralized blockchain project Golem has transferred 24,400 ETH to the three largest cryptocurrency exchanges. These transfers have garnered significant attention due to their timing and the substantial amounts involved.
Golem’s ICO Ethereum Sales
In November 2016, Golem conducted an initial coin offering (ICO), raising 820,000 ETH. This past week, the @golemproject account sold 24,400 ETH on Binance, Coinbase, and Bitfinex, converting the Ethereum into an impressive $72 million in fiat currency. Despite these sales, Golem still holds 127,634 ETH, worth approximately $372 million.
When Golem initially raised 820,000 ETH, Ethereum was trading at around $10.2, valuing the total raised at roughly $8,364,000. Today, Ethereum is trading at $3,055, representing a staggering growth of more than 29,311% since 2016.
Golem’s Role in the Ethereum Ecosystem
Golem was one of the first decentralized applications (dApps) launched on the Ethereum network. The Golem Network (GLM) is an open-source, decentralized platform that aims to provide computing power to the artificial intelligence industry through a peer-to-peer marketplace. Users can leverage GLM tokens to access distributed computing resources, breaking large tasks into smaller bits and distributing them among various providers for parallel processing.
Additional Ethereum Sales by Bearish Traders
Another analytics platform, @Spotonchain, reported that as Ethereum experienced a 7% drop to $3,000 in the last 24 hours, two whales unloaded a cumulative 13,680 ETH on major cryptocurrency exchanges. These sales netted the traders approximately $41 million. One trader transferred 6,440 ETH to Binance, while the other deposited 7,240 ETH to Kraken. The trader who sold on Kraken had held the Ethereum for nearly two years, realizing a profit of +149%, or $12.83 million.
Market Recovery and Future Outlook
Despite the recent plummet, Ethereum has managed to recover its 7% loss, showing positive movement on the hourly chart, according to data from Bitstamp. The activity from these large transfers and sales highlights the cryptocurrency market’s dynamic and sometimes volatile nature.
