Golem Network's Crypto Sell-Off Continues, Nets $9.37 Million

IconCryptoNewsTerminal Staff11 Jul, 2024

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Golem Network's Crypto Sell-Off Continues, Nets $9.37 Million

Golem Network, the decentralized computing platform, has sold an additional 3,000 ETH, worth approximately $9.37 million. This latest sale brings the total amount of ETH sold by Golem Network over the past 40 days to ~45k ETH ($142M). The news was reported by on-chain analyst EmberCN, who noted that Golem Network raised 820k ETH in its 2016 ICO. The recent sales have raised concerns among some community members, who fear that Golem Network is selling off too much of its ETH reserves. Golem Network has not yet commented on the sales, but it is worth noting that the company has been facing some financial challenges in recent months. In March, Golem Network announced that it was laying off 10% of its staff, and in April, the company announced that it was delaying the launch of its mainnet. It remains to be seen how Golem Network's recent sales will impact the price of GLM, the company's native token. However, the news is likely to raise concerns among investors, and it could lead to a decline in the price of GLM.

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