Ethereum Exchange Deposits from a Ghost of the ICO Era Spark Speculation of a Significant Sell-Off

Over $100M in ETH Sent to Exchanges

A recent flurry of exchange deposits by a ghost from the past have sparked speculation of a sell-off.

Key Takeaways

Golem Network, a project that raised funds via an initial coin offering in 2016, has recently sent 36,000 ETH to exchanges.

This move has sparked speculation of a sell-off, especially as Golem still holds over 126,000 ETH.

When asked about the purpose of the transfer, Golem pointed DailyCoin to a June 18 blog post that discussed plans to increase the project’s yield through ETH staking on exchanges.

However, the post did not directly answer questions about the transfer or Golem’s plans for its remaining ETH holdings.

Golem Network raised 820,000 ETH in 29 minutes during the ICO era, but the stash has since been depleted.

During the Ethereum ICO era of 2016 to 2019, Golem Network came to prominence. Driven by speculation, several projects were able to raise millions of dollars. Many of these projects have failed to live up to expectations.

Golem promised to decentralize access to computing resources, which struck a chord with investors. This was evident in the quickly sold-out ICO. However, the product was launched in 2018 and failed to generate the same buzz.

The network has recently outlined a pivot to serving the AI industry, which has received increased attention over the past year. Whether this pivot has led to a significant increase in interest is unclear.

At the time of writing, the project’s native token trades around $0.32, which is far from its all-time high of $1.32, formed in April 2018, according to CoinMarketCap data.

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