A blockchain project that raised 820,000 Ethereum in a 2016 initial coin offering (ICO) recently offloaded millions of dollars worth of ETH on several exchanges, as reported by the digital asset tracker Lookonchain.
Golem Network (GLM) is an open-source platform designed to facilitate decentralized access to computing power.
According to Lookonchain, the project acquired its substantial ETH stack through an ICO in November 2016 when the price of ETH was a mere $10.20.
Lookonchain reveals that Golem sold 24,400 ETH valued at $72 million on exchanges like Binance, Coinbase, and Bitfinex over a three-day span. The project still holds 127,634 ETH worth over $381 million.
With ETH currently trading at $2,986, the value of the second-largest cryptocurrency by market cap has surged by over 29,174% since the ICO.
The digital asset tracker also notes a whale transferred 1.1 million tokens of the decentralized finance (DeFi) project Pendle (PENDLE) valued at $3.8 million to an unknown wallet. The whale subsequently moved the altcoin stack to Binance for potential sale on the open market.
The whale still holds 1 million PENDLE tokens worth $3.5 million.
Lookonchain reports the whale purchased 3.44 million PENDLE from various exchanges between February and April 2023 at an average price of only $0.32.
PENDLE is currently trading at $3.42.
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