Massive Ethereum ICO Participant Cashes Out 3,000 ETH, Still Holds $93.8 Million in Crypto

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As a researcher who has been closely following the crypto market since its inception, I must say that the recent moves by both the Ethereum whale and Golem are fascinating. The former’s sale of 3,000 ETH for $7.64 million might seem like a drop in the ocean compared to their total holding of $645 million, but it’s hard not to be intrigued by such massive transactions.

Originally participating in the Ethereum Initial Coin Offering (ICO) to an astonishing extent, receiving 254,908 Ether for a cost of approximately $79,000 during its initial launch, this significant investor has just disposed of 3,000 Ether, equating to around $7.64 million in current value.

Originally, this Ethereum whale’s overall investment in the Initial Coin Offering (ICO) skyrocketed from a mere $79,000 to an astounding $645 million. Over time, this large-scale investor has continued to sell the cryptocurrency, thereby realizing its substantial profits.

As a crypto investor, I’ve noticed an interesting piece of information from Lookonchain’s on-chain analysis service: The last time a significant Ethereum (ETH) holder, or “whale,” sold their ETH was back in July. This whale transferred approximately 7,000 ETH, which equated to around $24.28 million at the time.

The whale is currently still holding 37,070 ETH worth $93.8 million.

55 minutes ago, an Ethereum ICO investor recently offloaded 3,000 ETH (approximately $7.64 million). Notably, this same whale had previously sold 7,000 ETH ($24.28 million) on July 1st, a move that was followed by a nearly 15% drop in the price of ETH. This investor initially acquired 254,908 ETH during the ICO at a cost of $79,000, which now stands at a staggering worth of $646 million.

— Lookonchain (@lookonchain) October 24, 2024

According to CryptoGlobe’s report, in July, the Ethereum project Golem (GLM), which had previously funded itself through an ICO, transferred approximately 40,000 ETH, equivalent to around $124 million, to initiate staking and act as a validator on the network. This move allows it to earn yield by assisting in the security of the network.

As per information from blockchain analysis company Lookonchain, the action appears to be taken after Golem transferred approximately 3,000 ETH (equivalent to around $9.3 million) to major cryptocurrency exchanges such as Binance, Coinbase, and Bitfinex. It is speculated that this move was made with the intention of selling the tokens, following up on its recent sale of nearly $100 million worth of the second-largest cryptocurrency by market cap earlier this month.

Golem, as stated by Coinbase, is a decentralized network designed for shared computation. It aims to distribute unused computational resources among users who require them via a peer-to-peer system. This setup enables its members to trade computations with each other.

On this marketplace, the native token, GLM, serves as the medium for transactions. Users can propose prices for GLM they are ready to spend in exchange for tasks to be accomplished on their behalf. Task completions are compensated with these very same tokens.

In a blog post, Golem discussed the Ethereum staking transition, pointing out that it will utilize a “moderately significant yet minimal” amount of its funds to conduct “tests for ETH staking” aimed at fostering the project’s progress and advancement in the long run.

The project intends to put a portion of its Ethereum (ETH) holdings into staking to produce income. This income will subsequently be utilized for running day-to-day operations, fostering ecosystem growth, and promoting understanding of the capabilities offered by Golem Network’s decentralized computing platform.

Golem emphasized its commitment to backing Ethereum’s decentralization drive by opting to stake independently, without relying on any external service providers or other validators.

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2024-10-25 07:20