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Home»ALTCOIN NEWS»2016 ICO Project That Raised 820,000 Ethereum Sells $72,000,000 Worth of ETH on Crypto Exchange: Lookonchain
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2016 ICO Project That Raised 820,000 Ethereum Sells $72,000,000 Worth of ETH on Crypto Exchange: Lookonchain

By Crypto FlexsJuly 9, 20242 Mins Read
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2016 ICO Project That Raised 820,000 Ethereum Sells ,000,000 Worth of ETH on Crypto Exchange: Lookonchain
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According to digital asset tracking site Lookonchain, a cryptocurrency project that raised 820,000 ETH in an initial coin offering (ICO) in 2016 recently sold millions of dollars worth of ETH on a handful of exchanges.

Golem Network (GLM) is an open source platform that aims to enable decentralized access to computing power.

Lookonchain noted that the project raised a huge stack of ETH through an ICO in November 2016, when the price of ETH was just $10.20.

Lookonchain revealed that Golem sold 24,400 ETH worth $72 million on cryptocurrency exchanges Binance, Coinbase, and Bitfinex over a three-day period. The project still holds 127,634 ETH worth $381 million.

At the time of writing, ETH was trading at $2,986, with the second-largest cryptocurrency by market cap having soared in value by more than 29,174% since its ICO.

The crypto tracker also notes that the whale transferred 1.1 million tokens from the decentralized finance (DeFi) project PENDLE to an unknown wallet on Sunday, worth $3.8 million. The whale then moved the altcoin stack to crypto exchange Binance, where it is likely to be sold on the open market.

The whale still holds 1 million PENDLE worth $3.5 million.

According to Lookonchain, the whale purchased 3.44 million PENDLE between February and April 2023 across centralized and decentralized exchanges, at an average price of just $0.32.

As of this writing, PENDLE is trading at $3.42.

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