Massive ILV Sell-Off by luggis.eth Triggers 7.8% Price Drop in Illuvium

According to a recent report by COINOTAG on September 23, Lookonchain’s real-time monitoring observed significant crypto movements. The wallet identified as luggis.eth withdrew 70,764 ILVs, valued at approximately $2.86 million, from the address linked to the blockchain game Illuvium. Following this hefty withdrawal, luggis.eth sold 40,000 ILVs—equivalent to around $1.54 million. This transaction caused a notable price drop in ILV, decreasing its value by roughly 7.8%. Despite these sales, luggis.eth still retains a substantial holding of 221,046 ILVs, which is valued at about $8.25 million. These sizable movements have sparked discussions among market analysts about potential impacts on Illuvium’s market dynamics.