The cryptocurrency market experienced a sharp decline in the price of Illuvium (ILV) due to a significant sell-off by a prominent wallet address known as luggis.eth. The trader withdrew and sold a large amount of ILV tokens, resulting in a 7.8% drop in ILV's price. The sell-off impacted the market, with ILV's price decreasing by 3.3% over 24 hours and the market cap standing at $256 million. The incident raises concerns about liquidity and potential future volatility if more tokens held by luggis.eth are sold. It highlights the importance of liquidity management, especially for tokens with lower market caps.



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