Whale's Large Sale in One Item Dropped the Altcoin Price: He Still Has Many!

The sale of millions of dollars worth of altcoins by a whale address brought a sharp drop in price.

Large token sales often create selling pressure in the market and cause a price drop. As such, sudden sales in altcoins with lower market values ​​quickly reduce prices.

According to the statement made by on-chain data and analysis platform Lookonchain on Twitter on June 22, a whale triggered a price drop by making a large sale in Illuvium (ILV). 

In the post, it was stated that the address named "Luggis.eth" was found to have sold 40,730 ILV coins worth approximately $2.72 million for 778.72 ETH hours ago.

The whale in question currently has another 260 thousand 880 ILV worth $17.64 million in his wallet. If Balina decides to sell these coins, it is estimated that there may be deeper declines in the price.

There has been a decrease in price

In parallel with the sale by the whale, the ILV price also experienced a sudden decrease. According to CoinGecko data, ILV retreated up to 8% from the $71.43 levels in a short time. ILV, which showed a downward performance up to $65.84, is well below its morning price today, even if it later experienced some recovery.

ILV finds buyers at $66.6 at the time of writing.