CDS Crypto News Golem Transfers Thousands of ETH to Binance and Coinbase
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Golem Transfers Thousands of ETH to Binance and Coinbase

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Golem Transfers Thousands of ETH to Binance and Coinbase

Golem Transfers Remaining ETH Reserves Valued at $383 Million

Golem Transfers– Golem (GLM) has transferred over $100 million worth of ether to exchanges in the past month, signaling a significant move for the project that raised these funds during its ICO in November 2016.

Data from Arkham reveals that thousands of ETH have been moved from Golem’s main wallet to various other wallets, which then transferred them to exchanges such as Binance and Coinbase, suggesting a likely intention to sell.

In the last three days alone, Golem’s main wallet sent out 26,000 ETH, valued at approximately $79 million at the time of writing.

While this isn’t a definitive confirmation of a sale, moving ETH from a self-custodial wallet to an exchange is a strong indicator of a potential sell-off.

Golem’s Early Success and Current Reserves

Golem was one of the earliest ICOs during the frenzy of token launches in 2016/2017. In its ICO, Golem raised 820,000 ETH, equivalent to around $8 million at the time. Since then, the massive increase in the price of ETH has provided Golem with a substantial treasury to utilize.

According to Etherscan data, the project still has 126,000 ETH in reserve, worth about $383 million.

Golem initially launched as a platform where users can rent out their unused computational resources to others in exchange for their token GLM. This allows those in need to access additional computational power for complex and demanding tasks. With the growing popularity of AI applications, Golem claims to provide accessible, open-source AI infrastructure as part of its offer to users.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Golem Transfers Thousands of ETH to Binance and Coinbase

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