The price of ILV has experienced significant volatility in the past week, surging by over 30% before encountering a 12% correction following substantial sales by a whale investor, as per data from spotonchain.
Spotonchain data reveals that Whale 0x207, known as luggis.eth, executed a significant sell-off, disposing of 44,033 ILV tokens, amounting to approximately $5.58 million, at an average price of $126.8.
The sales included swapping 20,000 ILV tokens, valued at $2.69 million, for 773.45 ETH through 1inch, and depositing 24,033 ILV tokens, equivalent to $3.06 million, to Binance.
luggis.eth sold 44,033 $ILV ($5.58M) via #1inch and #Binance 10hrs ago, leading to a 12% price drop.
Since Nov 6, 2023, luggis.eth has dumped 81,053 $ILV ($8.82M) in 3 sales, each resulting in sharp price declines.
Now still holds 340K $ILV ($42.1M) and may sell more tokens.… pic.twitter.com/dY80lBPNR1
— Spot On Chain (@spotonchain) February 28, 2024
This abrupt sell-off led to a price drop for ILV from a high of $135 to a low of $118 within the past 24 hours, reflecting the impact of the whale’s transactions on the market sentiment.
ILV Accumulation Ongoing Despite The Price Drop
Interestingly, luggis.eth has been actively offloading ILV tokens since November 6, 2023, with a total of 81,053 ILV tokens, valued at $8.82 million, sold across three separate sales events. Each sale resulted in sharp declines in the token’s price.
Despite the recent sell-off, luggis.eth still holds a substantial amount of ILV tokens, with 340,000 ILV tokens, valued at $42.1 million, farmed with Illuvium. There is speculation that the whale may continue to sell tokens once the price of ILV recovers.
The volatility in ILV’s price underscores the influence of whale investors in the cryptocurrency market and the impact their transactions can have on token prices.
Investors and enthusiasts alike will be closely monitoring ILV’s price movements in the coming days amid ongoing market fluctuations.
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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