A crypto project that raised 820,000 Ethereum in an Initial Coin Offering (ICO) in 2016 recently sold millions of dollars worth of ETH on a handful of exchanges, according to digital asset tracker Lookonchain.
Golem Network (GLM) is an open source platform that aims to enable decentralized access to computing power.
Look at chain notes the project raised its large ETH stack through an ICO in November 2016, when the price of ETH was just $10.20.
Lookonchain says Golem sold 24,400 ETH worth $72 million over a three-day period on crypto exchanges Binance, Coinbase and Bitfinex. The project still contains 127,634 ETH worth over $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 too notes that a whale transferred 1.1 million tokens of the decentralized finance project (DeFi) Pendle (PENDLE) worth $3.8 million to an unknown wallet on Sunday. The whale then moved the stack of altcoins to cryptocurrency exchange Binance, where it could potentially be sold on the open market.
The whale still owns 1 million PENDLE worth $3.5 million.
Look at chain say the whale bought 3.44 million PENDLE from centralized and decentralized exchanges between February and April 2023, at an average price of just $0.32.
PENDLE is trading at $3.42 at the time of writing.
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Generated image: DALLE3