Last week, one of the large holders identified as a luggis.eth, withdrew 70,764 Illuvium (ILV) tokens. This whale withdrew ILV worth around $2.86 million.
In the next 45 minutes, the whale dumped 40,000 ILV worth approximately $1.54 million into the market. The selling pressure seen in Illuvium led to a drop of roughly 7.8%.
luggis.eth withdrew 70,764 $ILV($2.86M) from #Illuvium and dumped 40,000 $ILV($1.54M) 45 mins ago, causing the price of $ILV to drop by ~7.8%.
luggis.eth still holds 221,046 $ILV($8.25M).https://t.co/HcnYOc5xcl pic.twitter.com/MH7Khygb2J
— Lookonchain (@lookonchain) September 23, 2024
The whale’s actions have affected market price. It has also left investors worrying about the future volatility.
However, out of the significant sale, luggis.eth still holds 221,046 ILV. This is worth about $8.25 million, so more market effects may be expected. The current case shows the dangers of whale trading in markets with less liquidity.
Illuvium Price Decli
We współpracy z: https://www.thecoinrepublic.com/2024/09/23/illuvium-ilv-plunges-amid-whales-dumping/
