As a long-term crypto investor with experience in the market since the early days of Ethereum, I’ve witnessed firsthand the incredible growth and volatility of this asset class. The recent news about Golem selling a significant portion of its Ethereum holdings from their 2016 ICO is both fascinating and a reminder of the potential gains that can be made in crypto.
Over the past three days, analytics platform Lookonchain has identified numerous Ethereum transactions from Decentralized Project Golem to the top three cryptocurrency exchanges. Additionally, an older, albeit less substantial, Ethereum whale transferred their coins to Kraken.
Ethereum from 2016 ICO sold in past three days
In November 2016, Golem held its initial coin offering (ICO), successfully gathering approximately 820,000 Ether in investments. Over the past three days, @golemproject managed to sell Ethereum worth around 24,400 ETH on Binance, Coinbase, and Bitfinex.
Golem transformed Ethereum into an impressive sum of $72 million in cash. At present, the company holds 127,634 ETH, equivalent to a value of approximately $372 million. When Golem secured the mentioned 820,000 ETH during their fundraising round, it was valued at around $8,364,000. Back then, each Ethereum was trading for roughly $10.2.
As a crypto investor, I’m currently observing that the second largest cryptocurrency by market capitalization is being traded at a price of $3,055. This represents an astounding increase of over 29,311% from its value back in 2016.
As a researcher studying decentralized applications (dApps) on the Ethereum network, I’d describe Golem as one of the pioneering projects. The Golem Network, symbolized by GLM, is an open-source platform in development to establish a community for supplying computing power to artificial intelligence. Essentially, it functions as a peer-to-peer marketplace where distributed resources are traded. I can utilize GLM tokens within this ecosystem to access free computing resources on the Golem platform.
Golem users have the ability to split up large tasks into smaller parts and assign these parts to different providers concurrently for efficient processing using the platform’s resources.
Bearish traders unload 13,680 ETH
As an analyst, I’ve observed that Spotonchain reported a 7% decrease in Ethereum’s value over the past 24 hours, causing it to hover around $2,956. Two significant investors, or “whales,” capitalized on this downturn by selling a combined total of 13,680 ETH on prominent cryptocurrency exchanges. These whales realized approximately $41 million from their Ethereum sales. The data source indicates that the profit generated from these recent Ethereum transactions amounted to $20.6 million for this investor.
A trader moved 6,440 Ethereum tokens to Binance, while another deposited a similar amount, 7,240 ETH, into Kraken. This investor had owned the Ethereum for close to two years before making the sale. The significant profit generated from this transaction is approximately $12.83 million, representing a 149% increase in value.
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum experienced a significant decline overnight. However, it has since managed to recoup around 7% of its losses. This is evident in the hourly chart data from the Bitstamp exchange, which shows several small and one larger green candles.
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2024-07-08 13:51