The native token of the blockchain game Illuvium, $ILV, has experienced a sharp decline of over 5.3% within a few hours.
The price dropped from $71.2 to $65.85, sparking concern among investors.
The #GameFi altcoin $ILV, the native token of blockchain game @illuviumio, plunges 5.3% in the last 1 hour‼️
A fall from $71.2 to $65.85❗️ Why is the #Crypto dumping ⁉️
An #Illuvium whale @luggisdoteth dumped 40,730 $ILV (now $2.69 million) nearly 30 mins ago❗️ pic.twitter.com/Lac33gEKdt
— TheNewsCrypto (@The_NewsCrypto) June 22, 2024
The cause of this sudden dip is attributed to a significant sell-off by a large holder known as @luggisdoteth. This whale offloaded 40,730 $ILV tokens, equivalent to approximately $2.69 million.
The transaction, which converted the $ILV into 778.72 $ETH (valued at $2.72 million), was conducted on-chain earlier today.
$ILV Price Action To Monitor Following Recent Happenings
The substantial sale by @luggisdoteth triggered a notable decrease in the $ILV price, falling by around 5%. Despite this large transaction, the whale still retains a considerable holding of 260,881.8 $ILV, valued at roughly $17.64 million.
luggis.eth sold 40,730 $ILV for 778.72 $ETH ($2.72M) on-chain ~10 mins ago, causing the price of $ILV to drop by ~5%.
luggis.eth currently has 260,881.8 $ILV($17.64M) left.https://t.co/1RYqOhlKBs pic.twitter.com/X8SWvEIfvc
— Lookonchain (@lookonchain) June 22, 2024
The market is now watching closely to see how this will impact $ILV’s short-term performance and whether other major holders might follow suit.
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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