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Crypto Project Sells Ethereum Worth $72 Million, Gained from 2016 ICO

09.07.2024 15:30 1 min. read Alexander Stefanov
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Crypto Project Sells Ethereum Worth $72 Million, Gained from 2016 ICO

A crypto project that initially raised 820,000 ETH in a 2016 ICO has sold a substantial amount of ETH on major exchanges.

Golem Network (GLM), an open-source platform facilitating decentralized computing power access, raised its Ethereum holdings when ETH was priced at $10.20 during its ICO in November 2016.

Golem aims to democratize access to censorship resistant computing power. This is facilitated by a cutting-edge protocol that allows users to supply and lease providers’ idle hardware in a peer-to-peer (P2P) manner.

According to Lookonchain, Golem recently sold 24,400 ETH valued at $72 million across Binance, Coinbase, and Bitfinex over a span of three days.

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Despite these sales, the project retains 127,634 ETH valued over $381 million at current ETH prices around $3,000, marking an astronomical increase of over 29,000% since its ICO.

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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