Despite transferring over $100 million worth of ETH, Golem still holds approximately 231,400 ETH, valued at $116 million.
Golem, one of the first Ethereum initial coin offerings (ICOs), has transferred over $100 million worth of ether (ETH) to exchanges in the past month, potentially increasing market selling pressure.
Golem (GLM) is a blockchain-based platform that enables users to buy and sell computational power for various purposes, such as artificial intelligence, crypto mining, CGI rendering, and other demanding computational tasks.
ICOs were a popular fundraising method for crypto projects, raising billions of dollars between 2016 and 2019. However, their appeal diminished in subsequent years due to regulatory challenges and a decline in investor interest.
Golem Moved 36,000 ETH in 37 Days
According to Arkham intelligence data, over the past 37 days, Golem pumped 36,000 ETH, worth approximately $116 million, to exchanges like Binance, Coinbase, and Bitfinex.
Despite these transfers, Golem still holds roughly 231,400 ETH, valued at about $656 million. Most of these transactions are below $10 million in value and are sent daily.
More so, independent Colin Wu was the first to report on Golem’s wallet movements. Golem’s X account did not respond promptly to requests for comment, and the project has not announced any major upcoming product releases on its X account.
Transactions to crypto exchanges typically indicate an intention to sell holdings, as large amounts of tokens are generally not kept on exchange services for extended periods due to security concerns.
Golem Hit Big
Interestingly, Golem raised over $8.7 million worth of ETH by promoting its decentralized computing platform. It established itself as a marketplace for computing power, allowing users to rent out their unused computational resources in exchange for its native GLM tokens.
As of the time of publication, GLM is trading at $0.32, with a market cap of $315.75 million. In the past 24 hours, the token has experienced a 4.31% decline, down from its all-time high of $1.32 recorded in January 2018.
Meanwhile, according to a roadmap update released in May, Golem is developing AI-based tools in response to traders’ growing interest in the sector.
