Ethereum ICO participants engaged in significant token movement. Will Ethereum see green again in the future?
Whale interest and retail interest in ETH declined.declined significantly, dipping below the $3,000 mark.In November 2016, the Golem project conducted a successful Initial Coin Offering , raising a significant sum of 820,000 ETH.Binance Despite these transfers, Golem still held a substantial amount of ETH, with a press time balance of 231,400 ETH, valued at approximately $656 million.
When a large amount of cryptocurrency hits exchanges, it creates sell pressure. This means that more ETH is available for purchase, potentially exceeding current demand and driving the price down. Investors might interpret this as a sign that Golem believes the price of ETH is about to fall, leading them to sell their own holdings to avoid losses. This can create a snowball effect, pushing the price further down.The sell-off of these tokens wasn’t an isolated event. AMBCrypto’s analysis of Santiment’s data indicated that large addresses were losing interest in ETH and their holdings had declined.
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