Crypto Project That Raised $820K in 2016 ICO Recently Dumped Millions of Dollars Worth of ETH on Exchanges: Lookonchain

Golem Network (GLM) is an open-source platform that aims to enable decentralized access to computing power.

A crypto project that raised 820,000 Ethereum in a 2016 initial coin offering (ICO) recently sold millions of dollars worth of ETH on several exchanges, according to the digital asset tracker Lookonchain.

Golem Network (GLM) is an open-source platform that aims to enable decentralized access to computing power.

Lookonchain notes the project raised its large ETH stack through an ICO in November 2016, when the price of ETH was only $10.20.

Lookonchain says Golem sold 24,400 ETH, valued at $72 million, on the crypto exchanges Binance, Coinbase and Bitfinex over a three-day period. The project still holds 127,634 ETH, valued at more than $381 million.

With ETH trading at $2,986 at the time of writing, the value of the second-largest crypto asset by market cap has skyrocketed by more than 29,174% since that ICO.

The crypto tracker also notes that a whale transferred 1.1 million tokens of the decentralized finance (DeFi) project Pendle (PENDLE), valued at $3.8 million, to an unknown wallet on Sunday. The whale then moved the altcoin stack to the crypto exchange Binance, where it could be sold on the open market.

The whale still holds 1 million PENDLE, valued at $3.5 million.

According to Lookonchain, the whale purchased 3.44 million PENDLE from both centralized and decentralized exchanges between February and April 2023 at an average price of only $0.32.

PENDLE is trading at $3.42 at the time of writing.

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