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.
A large crypto whale has withdrawn 70,764 Illuvium (ILV) tokens, valued at around $2.86 million, from the decentralized exchange (DEX) Balancer.
The whale, identified as luggis.eth, went on to dump 40,000 ILV, worth approximately $1.54 million, into the market over the next 45 minutes. This selling pressure caused the price of Illuvium to drop by 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).
The actions of the whale have had a significant impact on the market price of Illuvium, leaving investors concerned about future volatility. However, despite the large sale, luggis.eth still holds 221,046 ILV, valued at around $8.25 million, suggesting that further market movements may be on the horizon.
This latest incident highlights the risks associated with whale trading in less liquid markets.
Illuvium Price Drops, Market Reacts
The value of Illuvium has not been spared in the last 24 hours, with the price plummeting as investors panicked following the whale’s sell-off. At the last glance, ILV was trading at $38.05, showcasing a 1.69% decrease over the day.
This decline was accompanied by a rise in trading volume, which increased by 120.24% to reach $19.82 million. The rising trading volumes pointed towards elevated levels of market stress and selling pressure.
This sudden market movement is a result of the large trades, highlighting the volatility of the Illuvium price. Currently, there are 4.83 million ILVs in circulation with a fully diluted market cap of around $322.58 million, as the circulating supply is notably different from a single whale’s holdings, showcasing how large holders can dictate market conditions.
The sell-off has impacted the recent Illuvium trading pattern, closely followed by market analysts. Before the whale activity, ILV had been ranging within a relatively tight price bound and appeared to be building up steam.
However, the latest price action suggests that investors are becoming apprehensive, wondering whether there will be more large sales, especially as whales are now accumulating Render while others are opting for Ethereum.
Technical Analysis Highlights Further Downside Risks
The latest price action of Illuvium showcases a rising up and down in the last few days, with gains and losses coming in quick successions.
The chart shows that Illuvium witnessed a steep drop, mainly after it went below certain crucial levels that were earlier holding the prices of the digital asset relatively stable. This can be seen in the sharp price decrease, represented by large red candlesticks that indicate that sellers have been the dominant force in the recent trading periods.
The ADX indicator, which showcases the strength of a price trend, is currently at 32.02, indicating a strong presence of trend momentum, also supporting the bearish sentiments in the market.
The high ADX value suggests that the current bearish trend may continue for a longer duration if the whales continue to drive the market in the same direction.
Moreover, the technical metrics show that the support zones of Illuvium have been violated, which could lead to further price drops. If the market fails to even hold prior price levels, it might indicate that the market is set to move lower in the future if interest rate buying does not pick up in the near future
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