Crypto News

Illuvium ($ILV) Witnesses Significant Over 10% Decline Following Whale’s Token Sell-off 

The value of Illuvium has experienced a substantial drop in the last few hours, marking an 11% decrease in its overall worth.

$ILV’s valuation plummeted from $113 to $97 within the recent timeframe. According to Spotonchain reports, a whale known as luggis.eth executed a sale of 10,000 $ILV ($1.09 million) for 461.7 $ETH at an average price of $108.61.

Over the past 24 hours, this whale has consistently sold 17,020 $ILV for 782.4 $ETH, equivalent to $1.84 million, with an average price of $108.23. These successive sales have directly contributed to the sudden drop in $ILV’s market price.

Interestingly, luggis.eth seems to be redirecting funds towards $MKR, having acquired 1,752 $MKR ($2.62 million) from Binance in the past nine days, even incurring a floating loss. The average price for this acquisition was $1,493.

Reports reveal that this whale has been liquidating $ILV for $ETH since July 2022, consistently taking advantage of declining $ILV prices to execute these transactions.

This recent event highlights the influence of significant token holders in the crypto market, as their strategic moves can lead to considerable fluctuations in the value of specific assets. The observed pattern of selling $ILV during periods of its price downturn suggests a deliberate strategy by the whale to maximize returns. The market now observes how this dynamic unfolds in the coming days and its potential impact on Illuvium’s value.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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