Large investor transactions in blockchain-based projects often cause significant market volatility. Recently, Illuvium (ILV) and Ethereum$ETH
Two major whale transactions on (ETH) have seriously affected the altcoin prices of these projects. While the ILV price experienced losses following the whale transaction on Illuvium, the Ethereum Foundation's sales led to remarkable movement in the ETH price.
Whale Movement in Illuvium Impacts Price
In recent days, Illuvium’s native token ILV has lost more than 7 percent of its value following a whale transaction. According to TradingView data, the price of ILV fell from $40.25 to $37.14 in a short period of time, losing 7.7 percent. This drop is thought to be related to a whale transaction reported by on-chain analytics platform Lookonchain. The whale, known as Luggis.eth, withdrew 70,764 ILV (approximately $2.86 million) and decided to sell 40,000 ILV ($1.54 million). This transaction created a short-term volatility in the price of ILV.
Despite this decline, however, the whale still has a significant supply of ILV. According to Etherscan data, the whale has 221,046 ILV (about $8.2 million) worth of tokens in its wallet. The market is closely monitoring the actions of this whale and other large investors, as whales’ decisions can often have a significant impact on the market. If other whales make similar sales, new fluctuations in the ILV price may be observed.
The Luggis.eth whale has previously had similar effects on the Illuvium price, selling $2.72 million worth of ILV in June, which led to a 5% drop in the altcoin’s price. Such large sales can call into question confidence in projects and attract the attention of market participants.
Ethereum Foundation Sales
In addition to the whale movement in Illuvium, the sales carried out by the Ethereum Foundation were also a critical development for the market. On September 23, the Ethereum Foundation sold a total of 200 ETH (approximately $530,000) through the CoW Protocol. Although this transaction did not have an immediate impact on the price of Ethereum, the Foundation’s increasing selling trend caused concern among investors.
On the same day, the Ethereum Foundation sold another 100 ETH, making a transaction worth $264,500. As of September, a total of 1,050 ETH were sold, bringing the total value of these sales to $2.53 million. The sales occurred between the lows of $2,301 and the highs of $2,645. This selling trend by the Ethereum Foundation is thought by some investors to potentially put pressure on the price of Ethereum. Projects selling their own tokens can lead to a loss of confidence and cause volatility in the markets. However, the impact of such sales on large projects like Ethereum is usually limited and short-term.
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