A crypto project that raised 820,000 Ethereum in a 2016 initial coin offering (ICO) recently sold millions of dollars worth of ETH on a handful of 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 worth $72 million on the crypto exchanges Binance, Coinbase and Bitfinex over a three-day period. The project still holds 127,634 ETH worth more than $381 million.
With ETH trading at $2,986 at 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) worth $3.8 million to an unknown wallet on Sunday. The whale subsequently moved the altcoin stack to crypto exchange Binance where it could potentially be sold on the open market.
The whale continues to hold 1 million PENDLE worth $3.5 million.
Lookonchain says the whale purchased 3.44 million PENDLE from centralized and decentralized exchanges between February and April 2023, at an average price of only $0.32.
PENDLE is trading at $3.42 at time of writing.
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The post 2016 ICO Project That Raised 820,000 Ethereum Sells $72,000,000 Worth of ETH on Crypto Exchanges: Lookonchain appeared first on The Daily Hodl.