TL;DR
- Golem has transferred over 100 million dollars in ETH to exchanges in the last month, raising concerns about potential selling pressure on the price of ETH.
- The platform’s main wallet has moved 24,400 ETH (72 million dollars) in the last three days, with current reserves of 127,634 ETH valued at 372 million dollars.
- In June, it announced its plan to stake its ETH reserves and focus on developing artificial intelligence tools and optimizing GPU usage in collaboration with GamerHash AI.
Golem, a pioneer in initial coin offerings (ICOs) within the Ethereum ecosystem, has moved over 100 million dollars in ETH to various exchanges in the last month. This amount was reached through multiple transactions and has raised market concerns due to the potential selling pressure that could exert on ETH prices in the short term.
Recent data revealed by Arkham Intelligence indicates that Golem’s main wallet has been transferring ETH to Binance, Coinbase, and Bitfinex. Individual transactions generally did not exceed 10 million dollars. In the last three days, approximately 24,400 ETH, equivalent to 72 million dollars, were sold. Currently, Golem’s reserves are around 127,634 ETH, valued at 372 million dollars.
Golem(@golemproject) has sold 24,400 $ETH($72M) on #Binance, #Coinbase and #Bitfinex in the past 3 days, and currently holds 127,634 $ETH($372M).
Golem raised 820,000 $ETH through ICO in November 2016, when the price of $ETH was only $10.2.https://t.co/6c9yw07Sce… pic.twitter.com/wHHCRoQMEz
— Lookonchain (@lookonchain) July 8, 2024
These movements have occurred at a time when Ethereum is struggling to regain its market stability. After the recent drop to multi-week lows, the price of ETH has returned to around 3,000 dollars. However, the cryptocurrency continues to face high volatility and has not recovered as expected, despite the possible approval of exchange-traded funds (ETFs).
Golem, which raised 820,000 ETH in its ICO in November 2016 when the price of ETH was only 10.2 dollars, aimed to create one of the first decentralized computing marketplaces. Although its token GLM has faced challenges in maintaining its market value, the platform has continued to evolve and diversify its operations. Its current price is $0.3088.
Golem Plans to Stake its Ethereum
In June, Golem announced its intention to begin staking its ETH reserves, a strategy aimed at generating returns to support its operations, foster ecosystem growth, and enhance decentralization efforts within the ETH network. Additionally, the latest update to its roadmap highlights a focus on developing artificial intelligence (AI) tools and optimizing the use of graphics processing units (GPUs).
In collaboration with partners such as GamerHash AI, Golem seeks to leverage the computing power of gamers’ PCs to perform AI calculations, allowing gamers to monetize their GPU resources by renting them out to customers in need of graphic processing. The diversification of offerings aims to revitalize interest in its decentralized computing platform, while recent token liquidations are seen as a strategic move to reinvest in this evolving sector.
