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Ethereum ICO-Era Stalwart Golem Sent $100M Ether to Exchanges in the Past Month

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Golem, an Ethereum-based venture, has transferred over $100 million price of ether (ETH) to exchanges up to now month, probably growing promoting strain available in the market.

Golem raised thousands and thousands of {dollars} in the course of the 2016 ICO increase and has seen its token worth decline considerably from its all-time excessive, regardless of ongoing improvement efforts in AI instruments.

Golem, one of many earliest Ethereum preliminary coin choices (ICOs), has despatched over $100 million price of ether (ETH) to exchanges up to now month, presumably including promoting strain to the market.

ICOs have been a well-liked solution to elevate funds to construct cryptocurrency tasks, with billions of {dollars} raised from 2016 to 2019. These misplaced allure amongst buyers within the following years, nonetheless, amid regulatory tussles and a common lack of demand.

Information tracked by Arkham reveals that Golem’s important pockets has transferred thousands and thousands of ETH to different wallets, which have been later despatched to exchanges reminiscent of Binance, Bitfinex, Coinbase, and others. Most of those transactions are under $10 million in worth and are despatched each day.

Impartial journalist Colin Wu first reported on Golem’s pockets actions. Golem’s X account didn’t instantly reply to requests for remark, and the venture has not publicly revealed any main upcoming product releases on its X account.

Golem is engaged on synthetic intelligence (AI) primarily based instruments because the sector positive aspects curiosity amongst merchants, as per a roadmap highlight launched in Might.

Transactions to crypto exchanges often indicate an intention to promote holdings, as giant quantities of tokens are often not held on an alternate service for a very long time for safety causes.

Golem raised over $8.7 million price of ETH in 2016, turning into one of many largest benefactors of the ICO frenzy in these years as its decentralized computing narrative did the rounds on social media websites. It positioned itself as a market for computing energy, the place customers can lease out their unused computational sources in return for Golem’s GLM tokens.

However recognition has waned since: Golem at present trades at simply 30 cents with a market cap of $300 million, down from an all-time excessive of $1.32 in January 2018.

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