Last week, a large holder identified as luggis.eth withdrew 70,764 Irbium tokens (ILVs). This whale withdrew ILVs worth about $2.86 million.
Over the next 45 minutes, this whale dumped 40,000 ILVs worth about $1.54 million into the market. Selling pressure on #Illuvium resulted in a ~7.8% drop.
luggis. eth withdrew $70,764 $ILV ($286M) from #Illuvium and dumped $40,000 #ILV ($154M) 45 minutes earlier, causing $ILV prices to fall ~7.8%.
Whale's actions impacted market prices. Investors are also concerned about future volatility.
However, after a significant sell-off, luggis. eth still owns 221,046 ILV. Its value is around $8.25 million, so further market impact can be expected. This case illustrates just how dangerous whale trading can be in illiquid markets.
the last 24 hours, the value of ILVium was not spared and the price plummeted as investors panicked when the whale was sold off. At the time of writing, ILV was trading at US$38.05, down 1.69% in a single day.
However, this drop was accompanied by an increase in trading volume, with trading volume rising 120.24% to US$19.82 million. Such sharp movements on the market testify to high volatility of prices for ILV, especially at large deals. Currently, there are 4.83 million ILVs outstanding and their fully diluted market value is about $322.58 million. This is due to the large difference between the supply in circulation and the number of whales owned, indicating that large holders can control market conditions.
Market analysts are taking a keen interest in these developments as the resale has impacted ILVium's recent trading pattern. Prior to the whale, ILV was fluctuating in a relatively narrow range and seemed to be gaining momentum.
However, recent price movements suggest that investors have become more cautious due to doubts that selling will intensify. This comes amid whales favoring lender accumulation, while other investors are opting for #Ethereum .
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