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.
[adinserter block="1"]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.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
