ICO-funded Projects Sold a Jaw-dropping 416,000 Ethereum in Past 30 Days

By Kapil Gauhar

The bear attack on the cryptocurrency market hasn’t taken a break. This time it was Ethereum’s turn to get highlighted. This crypto winter hasn’t come up with the good news for Ethereum as the tokens generated via ICOs have severely underperformed to its macro counterpart.

As per the data gathered by Santiment, ICO projects have sold an astonishing 416,000 ETH in the past one month. At the current $87 price, such an amount of ETH amounts to $36.19 million in US dollars, which is not a small sum. This recent influx of liquidation orders is reportedly the most notable since Summer 2018.

According to the leading cryptocurrency analytics provider, SingularDTV has been the largest seller of ETH in the past 30 days. After using 60,370, it reduced its ETH balance to 165,000.

SingularDTV being the largest seller of ETH, Aragon and Kyber Network followed the row liquidating 50,000 ETH in the time above. However, it’s important to note that Ethereum-centric projects still have millions of ETH tokens in their still-stocked war chests.

Status, the Ethereum-centric chat application, recently divulged that it would be cutting 25% of its staff. In an address to the recent townhall of Status, the co-founder of the Upstart, Harrad Hope claimed that as his company’s war chest has been drastically reduced. Hope reportedly asked employees to take a pay cut and survive the commotion that cryptocurrencies have found themselves in.

Status, Steemit, and ConsenSys are already reeling in pain, resulting which some startups have been entirely wiped off the face of Earth. A key development consortium in Ethereum Classic ecosystem with the company’s CTO citing the financial restraints as the catalyst under the guise of the group’s collapse. This revelation comes just after the day the firm’s CTO, Artamonov released an article on Medium whipping one of his peers for being a ‘Trojan Horse’ for the other team.