The cryptocurrency community is paying close attention to whale account luggis.eth, which has just offloaded a huge chunk of its $ILV holdings.
Ten hours ago, luggis.eth sold 17,887 ILV for $365,577 USDT—about $20.44 per token. But that was just one part of a larger plan to ditch $ILV, of which a total of 48,107 tokens were sold in the last 24 hours. The price average for that larger sale was about $20.65 per token.
Two separate price dips in the $ILV market have resulted from these sales, which has led many to wonder where the token’s price is headed. As a major player in the $ILV space, luggis.eth’s moves are felt throughout the market, and their recent decision to sell a substantial sum of tokens just before the most recent dip has made everyone a little more on edge.
A Year of Consistent Selling and Major Price Impacts
What’s even more interesting is the long-term pattern that luggis.eth has followed. Over the past year, this whale has consistently sold off portions of their $ILV holdings, always prior to noticeable price dips. In total, luggis.eth has sold 343,379 ILV tokens across decentralized exchanges (DEX) and Binance, cashing out a staggering $20.42 million. The average selling price during these transactions was $59.48 per token, nearly three times the current market price of $ILV, which hovers around $20.
This offloading behavior has traders and investors on edge because it creates a very apparent and repeated cycle where the whale’s selling seems to initiate a short-term drop in $ILV value. With the most recent offloading contributing to two dips in less than 24 hours, the selling seems to be coming to a climax. Traders and investors can’t be happy with the appearance of a repeated cycle where the whale’s selling appears to be initiated a drop in price.
The selling has been extensive, yet luggis.eth still possesses a substantial 47,760 ILV tokens, currently worth around $994,000. Even with the lethargic price action we have seen in ILV over the past several months, luggis.eth has continued to sell. That said, the question on many people’s minds is whether luggis.eth is selling more of their stake in Illuvium (ILV) as part of an unwinding process or if this is the last bit of selling before a reversal in price.
What Does This Mean for $ILV’s Future?
luggis.eth’s actions raise important questions for investors in $ILV. Selling off so much of the circulating supply could mean he’s been taking profits all along. If that’s the case, it could indicate that he sees the current market conditions as favorable for cashing out and possibly anticipates lower prices in the short term.
Nonetheless, it is also worthwhile to think about the actual possibility of the sell pressure from luggis.eth lessening over time. With the whale still in possession of a hefty sum of ILV, their moves going forward—whether to sell or not—mightily influence whether the price pops back or keeps on plummeting, almost like the Anchored VWAP mentioned above. If luggis.eth plumps for the “not selling” option, $ILV could be bound for a recovery. But there are also other possibilities that could lead to a recovery.
For investors who have been monitoring luggis.eth’s activities, the following weeks could be essential in deciding the short-term pricing of $ILV. Will this whale keep the price moving downward, or is the market likely to rally after several months of consistent sell-offs?
Whale “luggis.eth” Keeps Dumping $ILV – Another Price Dip Incoming? 🐋
About 10 hours ago, whale 0x207 (“luggis.eth”) offloaded 17,887 ILV for $365,577 USDT at an average price of $20.44. This wasn’t an isolated sell—over the past 24 hours, pic.twitter.com/2QqTF2Fqbd— EyeOnChain 🔶 (@EyeOnChain) February 11, 2025
The Role of Whale Behavior in Crypto Markets
Large holders like luggis.eth do not uniquely influence $ILV. They exert power across different crypto markets. They are not the only reason for the existence of short-term volatility for tokens, but they are certainly a reason. And while we tend to focus on the negative aspect of what happens when a large holder decides it’s time to take profits, we also have to consider that a large holder deciding to sell half of what they hold can serve as a really big signal that a market might be in trouble. When it isn’t short-term trouble with another wave of volatility to ride, it’s often interpreted as signaling that a bear market is what’s next in the cards.
If we take luggis.eth as an example, their selling before drops has added a layer of predictability to the $ILV market. Traders who are on top of this pattern can potentially time their trades more effectively, which can help them pay less and receive more during $ILV price fluctuations. However, this luggis.eth example also highlights the fact that a trader’s actions can serve as a reliable market indicator. And right now, the $ILV market appears to be closely watching this trader for its next move.
If you are looking for $ILV to bounce back to its former glory and hit those previous highs, you best hope that the crypto whale known as luggis.eth has finished selling. If he hasn’t, and if there are more sales coming down the pike, well, that’s going to be a tough headwind for $ILV. But if he has finished, and if the Ilepo wallet and other entities don’t step up to the selling plate, then it should certainly be a lot more easy-breezy for $ILV to be stable and head upward.
Conclusion
The token’s price has been dented by the consistent flow of $ILV being sold by luggis.eth, but where the price goes next could depend just as much on how many tokens are left in the whale’s wallet. Luggis, who interfered in 2021 with the price of $MATIC by dumping tokens around the time a sell-off was expected, is a decent candidate for carrying out a similar operation with $ILV. He might do it either because he’s sadistic enough to enjoy messing with people’s heads or because he’s trying to ensure as much price deflation in $ILV as possible before his next buy (in price-gear that is less than what it costs to mint the tokens).
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/whale-luggis-eth-dumps-ilv-tokens-is-another-price-dip-on-the-horizon/