Analytics Firm Issues ‘Whale Selling Pressure’ Warning for the Altcoin That Rallied 70 Percent Last Month
Cryptocurrency analysis company Lookonchain made important warnings for the Illuvium (ILV) altcoin in its latest statement.
According to analysts, ILV, which has increased by 70% in the last month, may be pressured towards the sell side by some whales. Analysts reported that a famous cryptocurrency whale known as luggis.eth sold 20,000 ILV, or $1.33 million, at the peak of the ILV price. Following this sale, there was an approximately 13% decrease in the ILV price.
The famous whale in question currently holds 394,902 ILV ($26 million). This means that the whale holds approximately 10% of ILV’s circulating supply.
In addition, analysts reported that another whale transferred 65,753 ILV, or $4.37 million, of altcoins to Binance about an hour ago. Although it is not known whether this transfer results in a sale, when whales transfer crypto money from their cold wallets to cryptocurrency exchanges, this generally results in a sale.
The whale who made the last sale currently has 65,559 ILV ($4.3 million). ILV price is trading at $67.07 at the time of writing and reached its peak value of $72.
*This is not investment advice.