According to Odaily, a blockchain analyst recently reported a significant transaction involving a 'whale' or large-scale investor. The investor sold 40,730 ILV tokens in exchange for 778.7 ETH, a transaction valued at approximately $2.91 million. This sale resulted in an immediate 5.6% drop in the price of ILV tokens.
The same user still has a stake in Illuvium, with 260,000 ILV tokens pledged, valued at around $1.764 million. The sudden sale and subsequent price drop highlight the potential volatility in the cryptocurrency market, particularly when large-scale transactions occur. It is important for investors to be aware of such movements and understand the potential impact on their investments.